LENDY investors will have to go through anti-money laundering (AML) checks again before they receive any money back.
RSM, which was appointed administrator of the collapsed peer-to-peer lender in May, said it has uncovered “certain deficiencies” in Lendy’s AML procedures.
It said it cannot release any funds to investors until it has checked the money complies with appropriate AML legislation.
Read more: Lendy collapse: Who’s to blame?
An update from RSM revealed an initial review of Lendy’s procedures showed further investigation was needed on how the platform complied with the rules.
This means all investors will have to go through ‘know your customer’ and AML checks again.
“We will be using the services of Experian to electronically check your personal or company account details,” RSM said.
“At this stage all we need you to do is log onto your Lendy Platform account and check your personal details are up-to-date.”
Customers must update this information on their online account by 5pm on 30 August, when the checks will begin.
It is the latest stumbling block stopping investors receiving their money back from the collapsed lender.
RSM indicated in July that investors may be able to access their funds by October but it is unclear how long the AML checks will take.