Re-KYC (Periodic KYC)
Overview
Re-KYC is the periodic refresh of customer identity and risk profiles to ensure data remains accurate and up to date. Regulators require banks and fintechs to review customer information at fixed intervals, with shorter cycles for high-risk customers such as PEPs or those in high-risk jurisdictions. Re-KYC validates documents, re-runs sanctions/PEP screening, and checks for changes in beneficial ownership or customer activity. Automated workflows reduce manual overhead by leveraging continuous monitoring, alerts, and digital document collection. Institutions that fail to perform re-KYC risk fines, reputational damage, and exposure to money laundering. Re-KYC is a critical element of ongoing due diligence and helps maintain compliance resilience.
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FAQ
What is re-KYC?
The mandatory refresh of customer identity and risk details at defined intervals.
Why do regulators require it?
To detect changes in risk exposure and ensure ongoing AML compliance.
How often is it done?
High-risk customers may require annual reviews, while low-risk can be every few years.
How is it streamlined?
Using automation, digital forms, and continuous monitoring instead of manual outreach.