Short, carefully worded answers to questions UK firms ask about customer due diligence and ongoing KYC, each with the underlying statutory framework, supervisor guidance or published supervisory findings identified separately from our own practitioner interpretation.
Each answer opens with a direct response, sets out what the rules and guidance say, explains the practical implications, and then gives a clearly labelled Agora practitioner view. We distinguish statutory requirements, supervisor guidance, observed good and poor practice and opinion, because the four carry different weight. Nothing here is legal or compliance advice, and requirements differ by sector, supervisor and firm risk profile.
Answers
Does UK regulation require periodic KYC reviews?
There is no single universal statutory review interval. Firms must keep CDD current and monitor on a risk-sensitive basis, which most firms deliver through a mix of cycle-based and event-driven review.
When should existing customer due diligence be updated?
On change of circumstances, on doubt about previously obtained information, on risk-relevant events, and at intervals the firm sets on a risk-sensitive basis.
Do firms need to record the purpose and intended nature of a business relationship?
Obtaining information on purpose and intended nature is part of CDD, and the FCA's 2026 review observed firms failing to record it adequately.
What should firms do when beneficial ownership changes?
Refresh ownership information, re-verify and re-screen the new parties, reassess risk, record the change, and consider register discrepancy obligations.
Primary sources used across these answers
- FCA, Firms' customer due diligence processes and controls: our findings (8 April 2026)
- HMRC AMLG11300, customer due diligence (updated 16 July 2026)
- HMRC AMLG11411, ongoing monitoring (updated 16 July 2026)
- HMRC AMLG11600, enhanced due diligence (updated 16 July 2026)
- GOV.UK, report a discrepancy about a beneficial owner on the PSC register
- The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
Go deeper
Each answer links to the longer practitioner guide on the same topic. Start from the Financial Crime Knowledge Hub for the full set, or go directly to periodic versus perpetual KYC, KYC trigger events, beneficial ownership and KYB or purpose and intended nature.
Next step
See the controls behind the answers
Walk through the Agora Due Diligence Platform against your own policy and case examples.