Here are a few situations or circumstances in which KYC is appliedBuying precious metals and stonesIncorporating a new company in UAEOpening a new deposit or borrowing accountOpening a subsequent account where documents submitted as per existing Know Your Customer standards are insufficient while opening up the initial account.When the financial institution or DNFBP experiences the need to obtain additional information about the existing customer based on the customer’s conduct or sudden change in behaviorWhen there are any kind of changes to signatories, beneficial owners, or mandate holders