KYC is mandatory for the entities AML laws apply to, i.e.:
auditors, accountants, and tax advisors
credit and financial institutions
real estate agents
notaries and other independent legal professionals
trust or company service providers
gambling service providers
other persons trading in good valued over €10.000
Even if your firm is not required to comply with AML laws, KYC is rapidly becoming the norm for all industries as it’s always a good idea to ensure you’re doing business with trusted entities.