Yup. The account with my good bank is about 25 years old. Some time in the 2010s they sent me a letter. Basic thrust was: You have six months to provide us with documents to meet current KYC regulations or ask for more time, and if you ask for more time we'll give you another six months, and then finally we'll just cut you a cheque and close the account because we don't want to do business with you if you can't meet those regulations.

And they were clearly sending these out in waves, I wouldn't be surprised if the project took 3-5 years from "Oops, we aren't doing enough KYC and our parent bank just got hit with another multi-billion dollar fine" to completion.