Know Your Customer (KYC) is a due diligence process that is legally required when a credit product is taken out. KYC requires Slope to verify a customer’s identity, assess and monitor the customer’s risk profile, and generally confirm that the customer is who they claim to be.
KYC compliance is an integral part of the prevention of money laundering, the financing of terrorism, and more generic fraudulent schemes.
As a part of a Pay Later application, owner and officer details are required for individuals that meet the following criteria:
Slope* is required to collect date of birth and social security numbers from certain owners and officers to verify identity and run a credit check. This won’t impact their credit score, and all personal information is securely encrypted.
If you or your clients have any questions about KYC, the verification process, or Pay Later in general, please reach out to your Tranch account manager.
*Slope is not a bank. Business-purpose loans made by Lead Bank and subject to credit approval. Application required and personal guaranty may be required. Subject to minimum revenue and business requirements. Fees vary based on loan amount.