We’ve recently experienced an increase in attempted fraud and other less than satisfactory practices that could be considered non-compliant with regulation.

Which is why we’d like to remind you to make sure you’re undertaking your due diligence on customers and suppliers, including full checks as well as providing us with full and accurate information. This will help us make sure that we can process your finance proposals as quickly and efficiently as possible.

Some examples of best practice include:

  • Correct date of birth
  • Permission to search individuals if applicable
  • Certificate of acceptances (funder delivery notes) must be signed by the end customer after the asset is delivered
  • Completion of full KYC checks to reduce the risk of fraud. Google offers a raft of useful information to do your background checks and is one of the most valuable resources that we use at Investec
  • Financial information must be fully completed on the finance agreement before an end user customer executes the agreement

Failure to adhere to best practice will in some instances mean that your brokerage will be liable to costs under your trading agreement. This can be avoided through proper due diligence and through maintaining the high standards of practices we expect from you.

If you’re ever unsure about a customer or supplier and would like further guidance, our experienced financial crime team can work with you to help identify any discrepancies and issues.

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+44 (0) 330 123 9614