Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government whether money laundering checks are impeding businesses from approaching alternative lenders to their own bank for the Coronavirus Business Interruption Loan Scheme; what percentage of loans are granted via applications to a different lender; and whether in-person presentation and certifications are required for money laundering checks to be carried out.

It is important that thorough due diligence is conducted by lenders as part of the Coronavirus Business Interruption Loan Scheme (CBILS).

Businesses are free to apply for a CBILS facility from any of the 50+ accredited lenders. Lending decisions are fully delegated to the lenders. As such, money laundering checks are subject to each lender’s internal policy. The robustness of these policies is thoroughly tested before a lender can become accredited to CBILS.

The British Business Bank does not hold information regarding an applicant’s banking or borrowing history.