Lendy administrators said they have delayed further distributions while they undertake a review and “data cleanse” of non-personal investor accounts.
RSM, which manages the administration of the collapsed peer-to-peer lending platform, said the team has now processed payment for the majority of outstanding requests from personal investors, but recent requests from non-personal investors have been placed on hold while the data cleanse is completed.
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This review and data cleanse is for know your customer (KYC) and anti-money laundering (AML) purposes, RSM said.
The joint administrators said they will be writing to all non-personal investors in the coming days and once this process is complete interim distributions will recommence. RSM urged these investors to assist this process by responding as quickly as possible.
“For the purposes of this exercise this will include any investor who has previously added any details in to the ‘company’ field within their platform account details,” the joint administrators said in an update to Lendy investors.
“You are no longer able to add/ amend details in the ‘company’ field and any changes will be made via the verification team.”
RSM said it will continue liaising with individuals who have not fulfilled the money laundering checks and warned that the process “will take some time” as it is a manual exercise.
RSM confirmed that the email address that investors will receive an email from requesting further documentation from the verification team is firstname.lastname@example.org.
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