KYC is not a one-time identity check. Regulated firms — banks, solicitors, accountants, estate agents and others — are required to establish who they are dealing with, understand the purpose of the relationship, assess the risk it presents, and monitor it on an ongoing basis. The requirement exists because a firm that does not know its customer cannot detect when that customer is using it to move illicit funds.
Standard KYC involves confirming identity through documents and independent verification, establishing the nature and expected pattern of the business relationship, and — where the risk level warrants it — verifying source of funds and source of wealth. Where a customer is a company rather than an individual, KYC must extend to the beneficial owners behind it — the natural persons who ultimately own or control the entity.
A customer who passes KYC at onboarding may change their profile over time — acquiring a public role, becoming subject to sanctions, or generating adverse media. Regulated firms must therefore monitor relationships periodically and trigger fresh due diligence when circumstances change. This is distinct from enhanced due diligence, which is a more intensive upfront process applied to higher-risk customers from the outset.
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