A business needing a loan oftentimes turns to its current bank for assistance. The bank may be willing to lend but before the money actually is disbursed, as part of its due diligence, it will need to go through a “know your customer” process required under the anti-money laundering laws and regulations. Businesses may get frustrated at the amount of documentation and information that the bank may require.

Kathleen Scott recently wrote an update “ ‘Know your customer’ rules and credit providers,” that offers insight into the “know your customer” process and why a potential lender may be asking for certain information from the business applying for the loan.