Recital 69

(69) To ensure the effectiveness of the AML/CFT framework, obliged entities should regularly review the information obtained from their customers, in accordance with the risk-based approach. Business relationships are likely to evolve as the customer’s circumstances and the activities they conduct through the business relationship change over time. In order to maintain a comprehensive understanding of the customer risk profile and conduct meaningful scrutiny of transactions, obliged entities should regularly review the information obtained from their customers, in accordance with the risk-based approach. Such reviews should be done on a periodic basis but should also be triggered by changes in relevant circumstances of the customer, when facts and information point towards a potential change in the risk profile or identification details of the customer. To that end, the obliged entity should consider the need to review the customer file in response to material changes, such as a change in the jurisdictions transacted with, in the value or volume of transactions, upon requests for new products or services that are significantly different in terms of risk, or following changes in beneficial ownership.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.