Yan from Owner.One
About a decade ago, I received advice on how to properly structure personal income streams. I had no idea that this would unexpectedly simplify my future banking compliance and KYC processes. The key was to diversify financial streams across various banks. One account received dividends and fees, another managed investment income, and a third handled proceeds from the sale of businesses and real estate. Corresponding expenses were also drawn from these accounts, which made analysis and planning much easier for me. Each bank accumulated a history of my transactions, which were comfortable for them due to their consistency. Supporting documents were archived as well. A few years ago, I discovered that transaction uniformity, the presence of copies of contracts and documents in client files, clear ownership continuity, and justified asset growth are crucial for effective KYC controls. I strive to follow this advice even today. Most compliance requests arose when I did not follow my own rule.