Do banks reKYC after sale of company

[12345]

Hi, does anyone have experience with selling offshore company with a bank account? Do banks reKYC? Do they ask for details of the new owner or start over the KYC completely? Thanks

 

[jafo]

I get reKYCed every year. There is NO logic or pattern to it.

 

[Dasilva]

12345 said:
Hi, does anyone have experience with selling offshore company with a bank account? Do banks reKYC? Do they ask for details of the new owner or start over the KYC completely? Thanks
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Depends on bank/country incorporation

 

[Sols]

12345 said:
Hi, does anyone have experience with selling offshore company with a bank account?
Click to expand...

Yes.

12345 said:
Do banks reKYC?
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Yes, banks perform repeat due diligence on a recurring basis and in cases of changes to the business (new owners, new business activities).

12345 said:
Do they ask for details of the new owner or start over the KYC completely?
Click to expand...

Usually all.

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