ACAMS
CAMS · Question #60
A foreign politically exposed person (PEP) requests to add a beneficiary to a file insurance policy. How should the request be processed to mitigate risk?
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AML/CFT Compliance Programs
Question
A foreign politically exposed person (PEP) requests to add a beneficiary to a file insurance policy. How should the request be processed to mitigate risk?
Options
- APerform due diligence on the beneficiary
- BDetermine the source of wealth and source of funds
- CDecline the request if the beneficiary is a foreign PEP
- DDecline the request to add a beneficiary due to increased risk
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Topics
#PEP enhanced due diligence#insurance policy beneficiary#foreign PEP risk#EDD procedures