The ‘Distance Sold’ box must be ticked in FAMOS where there will be no face-to-face contact with the customer prior to the agreement being signed. This will ensure that additional identity checks are completed in order to comply with Anti-money Laundering Regulations.

To improve efficiencies and to enable the Underwriting process to remain seamless, an automated EDD check will be required for all Distance Sold applications on suitable Customers*. This will involve the customer agreeing to participate in Credit Kudos’ Open Banking service.

Open Banking is a secure platform provided by Credit Kudos. It enables customers to use their own financial information to help their application – it’s just like sending bank statements, but faster, easier and more secure.

Once the customer has clicked on the link either emailed or sent via SMS, the necessary information will be transferred by Credit Kudos to our Underwriting department as part of our new distance sales process.

Partners must signpost customers, so they know what to expect and encourage them to click on the link. If this is not done, we will not be able to complete a distance sold application.

*Not all banks are signed up to the Open Banking Scheme and the customer will need to have passed an internal check for OB EDD to be an option. If OB EDD is not an option for either reason then the Underwriters will still complete an enhanced security call with the customers.