📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    In cases where REs are unable to meet Customer Due

    Diligence (CDD) requirements due to a customer’s lack of cooperation, what is the recommended action? 
    A Approve account with limited access Correct Answer Incorrect Answer
    B File a Suspicious Transaction Report (STR) Correct Answer Incorrect Answer
    C Place a freeze on the account Correct Answer Incorrect Answer
    D Seek third-party verification Correct Answer Incorrect Answer
    E Report to a local enforcement agency Correct Answer Incorrect Answer

    Solution

    If a customer is uncooperative or fails to provide reliable documents, the RE should consider filing an STR with FIU-IND, as this may indicate potential money laundering activities. 

    Practice Next
    More Accounts Questions

    Relevant for Exams:

    ask-question