Need Help With a KYC Check From Your Bank?
Know Your Customer checks are a legal requirement, but the documentation banks ask for can be confusing, time-consuming, and easy to get wrong. We prepare your response so it's accepted first time.
What Is a KYC Check?
KYC stands for Know Your Customer. It's the process banks and other financial institutions use to verify the identity of their customers and assess the risk they pose under Anti-Money Laundering regulations. KYC checks are not optional, they are a legal requirement under UK law.
A KYC check can be triggered at account opening, at periodic review intervals, or when your bank detects unusual activity. It can apply to individuals, sole traders, limited companies, partnerships and trusts.
- Thirteen years of senior KYC and AML compliance experience across major institutions
- 48-hour typical turnaround for individual KYC response packs
- From £99 for individual KYC response preparation, fixed fee agreed upfront
Why Do Banks Conduct KYC Reviews?
Under the Money Laundering Regulations 2017 and the Proceeds of Crime Act 2002, UK banks are legally obligated to know who their customers are, understand the nature of their financial activity, and identify potential risks of money laundering or terrorist financing.
Banks conduct KYC checks at several points:
- When you first open an account
- During periodic reviews, usually every 1, 3, or 5 years depending on risk rating
- When you make an unusual or large transaction
- When your circumstances change (new business activity, change of address, etc.)
- When external screening flags your name against sanctions or PEP lists
- When their systems identify unusual patterns in your account behaviour
What Do Banks Ask For in a KYC Check?
The documents banks request vary depending on whether you're an individual or a business, and how complex your financial situation is.
Individual KYC
- Government-issued photo ID (passport or driving licence)
- Proof of address (utility bill, bank statement, council tax)
- Source of funds evidence for large or unusual transactions
- Employment or income verification
- Explanation of your financial activity if requested
- PEP or sanctions declaration if relevant
Business KYC
- Certificate of incorporation and Companies House confirmation statement
- Proof of registered and trading address
- Full beneficial ownership (UBO) documentation
- Director and shareholder ID verification
- Business activity description and trading evidence
- Latest filed accounts and financial statements
- Source of funds for business capital or investments
What Happens If You Fail a KYC Check?
Banks do not simply issue a warning if your KYC check fails. The consequences can be swift and serious:
- Account restriction, payments blocked, cards declined, transfers prevented
- Account closure, your bank can close your account with as little as 60 days' notice, and in some cases sooner
- SAR filing, a Suspicious Activity Report may be filed with the National Crime Agency
- Impact on other banking relationships, closures can affect your ability to open accounts elsewhere
- Business disruption, for businesses, a frozen account can halt payroll, supplier payments and day-to-day operations
How KYCifi Helps You Pass Your KYC Check
We prepare your KYC response pack from start to finish, whether it's a straightforward identity check or a complex enhanced due diligence review. Here's our process:
Free consultation
We review your bank's request and tell you exactly what they need, at no cost and no obligation.
Personalised document checklist
We give you a tailored checklist so you gather only the documents that are needed, nothing more, nothing less.
Professional response drafting
We write any narrative explanations required, structure your evidence, and assemble your complete KYC pack.
Submission support
You submit to your bank. If they come back with follow-up questions, we support you through those too.
We will tell you exactly what your bank needs.
Tell us what your bank has sent and we'll tell you exactly what to do. Former KPMG and Deloitte compliance professionals, on your side. Services from £99, fixed fees, strictly confidential.