Downloadable resource · Legal Reset
KYC due-diligence checklist for companies
A list to build or review your due-diligence process without turning it into a form you fill out once. For the full context, read the article Due diligence (KYC): what it is and why your company needs it.
Customer identification
- Verify the customer's identity with valid documentation.
- Confirm the legal existence of corporate entities.
- Validate the powers of whoever acts on the customer's behalf.
Beneficial owner
- Identify the natural persons who control the structure.
- Document the ownership chain down to the beneficial owner.
- Detect structures that hide the true owner.
Source of funds and purpose
- Record the origin and traceability of funds.
- Understand the purpose and nature of the business relationship.
- Contrast the transaction with the customer's stated profile.
Risk assessment
- Classify the customer by risk level (low, medium, high).
- Screen sanctions lists and politically exposed persons (PEPs).
- Adjust the depth of diligence to the risk.
Ongoing monitoring
- Update customer information periodically.
- Watch for unusual transactions inconsistent with the profile.
- Document every review, not just onboarding.
Documentation and reporting
- Keep evidence of each verification.
- Define who reports suspicious transactions, and how.
- Keep the process auditable before the authority.
General information, not legal advice. Official source: Panama's Financial Analysis Unit (UAF), the receiving authority for suspicious-transaction reports.