Perpetual Know Your Customer (pKYC) - also known as continual KYC - is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process. The latest concept within customer due diligence, pKYC is gaining traction because, not only does it offer a much more dynamic and secure risk management solution now but will automatically evolve as clients’ circumstances change thereby reducing risk and the level of period work required by regulated firms, which is why it is fast establishing itself as the future of KYC.
An Anti-Money Laundering check or AML check is something all businesses at risk of money laundering must complete on all customers before they enter into a business relationship with them. Rules vary across the world in terms of which businesses must complete checks, but in the US, UK and Europe, all businesses working in financial services must complete AML checks on customers - this includes banks, buildings societies and other financial institutions. Those working in other at-risk sectors including legal, property, investment and finance – must also run AML checks on their clients.