Customer/supplier/partner due diligence includes regularly checking an entity/Director/UBO against the requirements of the user’s country for AML, sanctions, and PEPs checks.

Regulations and checks can change quickly. For example, the list of sanctioned Russian persons has been growing every month since the war in Ukraine began.

Changes to a company's Directors, UBOs, etc., could impact the reputation of the user’s business, so it is necessary to monitor the entities the user engage with on an ongoing basis.

The user may have sufficient documentary ID details in their files, but the user should review their risk profile regularly and refresh the KYC checks periodically in line with the user’s risk appetite.