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]

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

Depends on bank/country incorporation

 

[Sols]

Hi, does anyone have experience with selling offshore company with a bank account?

Yes.

Do banks reKYC?

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

Do they ask for details of the new owner or start over the KYC completely?

Usually all.