- KYC continues throughout the banking relationship.
- Banks must identify beneficial owners and understand the business.
- Good records make reviews faster and more defensible.
What banks need to understand
The bank identifies the company, authorised signatories and ultimate beneficial owners, then evaluates the purpose of the relationship and expected activity using a risk-based approach.
- Legal identity and ownership
- Nature of business
- Source of funds and wealth
- Countries, counterparties and volumes
Typical evidence
Expect licences, constitutional documents, ownership charts, IDs, proof of address, bank statements, contracts, invoices, CVs and financial information. More complex or higher-risk profiles need enhanced evidence.
- Keep documents current
- Use certified copies where requested
- Explain corporate layers
- Support turnover projections
Ongoing KYC
Update the bank when ownership, activity, address or transaction patterns change. Respond to periodic reviews and transaction queries with organised, consistent records.
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This guide is informed by current official guidance. Rules, fees and authority practice can change.
Important: This article is general information, not legal, tax, immigration or financial advice. Eligibility and obligations depend on your facts and the current rules of the relevant authority.