In regards to ongoing CDD, financial institutions should ensure:
A customer of a bank in the EU has been changing the business activities of their company every month since becoming a customer two years ago. The bank should:
A KYC analyst is onboarding a high-net-worth client and, during the screening process, notices that the prospective client is the parent of a government minister. After the analyst performs a source of wealth analysis, whose approval is needed before opening the account?
A bank’s business team has developed a new strategy, which includes the introduction of prepaid cards as a new high-risk product offering. The compliance team has proposed to impose a monetary limit on each prepaid card and limit the offering to the existing customers of the bank only. Which best describes the risk impact of the controls proposed by the compliance team?
Which factor would be a reason for concern when corroborating the source of wealth of an individual client?
Which piece of evidence would be a red flag that a customer is a shell company?
A corporate client changes directors and the address of its registered office. Which documentation would be sufficient to verify these changes?
Which is the most relevant risk factor for an individual client?
