Key capabilities
How it works
Approved customers are automatically enrolled in the monitoring programme. Cadence and triggers are configured per risk tier.
The platform monitors public registries and screening databases for material changes — new filings, sanctions additions, PEP designations.
When a change is detected, an alert is raised with a summary of what changed and what action is recommended.
The analyst reviews the alert, updates the customer record if needed, and closes the case with a decision and rationale.
What is perpetual KYB?
Perpetual KYB — also known as ongoing due diligence or continuous monitoring — is the regulatory obligation on banks and financial institutions to monitor their existing business customers throughout the lifecycle of the relationship, not only at the point of onboarding. The Financial Action Task Force (FATF) Recommendation 10 requires institutions to conduct ongoing due diligence on business relationships, keeping customer information current and scrutinising activity to ensure it remains consistent with their knowledge of the customer. In the UK, the FCA's Money Laundering Regulations reflect this expectation directly, requiring firms to apply enhanced monitoring to higher-risk customers and to update customer records when material changes occur. In practice, perpetual KYB means monitoring for sanctions designation changes, shifts in ownership and control, adverse media, and jurisdiction risk — and acting on those changes in a way that is proportionate, documented, and fully defensible to your regulator.
What triggers a perpetual KYB review?
Sanctions list changes
A business or individual associated with one of your customers may be added to a sanctions list — by OFAC, the UN Security Council, HM Treasury, or the EU — at any point after onboarding. Perpetual KYB monitoring detects these additions in near real time, raises an alert, and generates a case record for review. Failing to detect a post-onboarding sanctions designation creates direct regulatory and legal exposure.
PSC and director changes
Companies file changes to their directors and persons with significant control with their national registry. A new director who is a politically exposed person, or a change in beneficial ownership that crosses your disclosure threshold, is a material compliance event. Perpetual KYB monitoring watches for these filings, identifies who has changed, and routes the update to your analyst queue for re-screening and assessment.
Adverse media hits
Adverse media — coverage linking a business or its principals to fraud, corruption, money laundering, or regulatory action — can emerge long after onboarding is complete. Continuous monitoring against your approved customer portfolio ensures that material adverse coverage is surfaced promptly, assessed against your risk policy, and recorded as a compliance event, rather than discovered retrospectively during an audit or regulatory inspection.
Jurisdiction risk changes
FATF grey-listing, EU high-risk third-country designations, and OFAC country sanctions can significantly change the risk profile of a customer whose operations or ownership involve a specific jurisdiction. Perpetual KYB monitoring tracks these designation changes and automatically flags customers with exposure to newly elevated jurisdictions, allowing your team to reassess the relationship before the next scheduled review cycle.
How First Mile Labs handles perpetual KYB
First Mile Labs runs perpetual KYB on a configurable schedule aligned to your institution's risk-tiered monitoring policy. High-risk customers are re-screened more frequently — daily or weekly — while lower-risk relationships are reviewed monthly or quarterly. Monitoring runs are triggered automatically: no manual initiation, no gaps in coverage, no dependence on analyst availability. When a change is detected — a new sanctions hit, a director update, an adverse media article — the platform generates a structured alert containing the change, its compliance significance, and the recommended next action. Your analysts review decisions, not data; the full evidence pack is assembled before they open the case.
Also part of the platform
See Perpetual Monitoring in action
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