The manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as required by the bank's internal compliance schedule. What should the KYC team manager…

The correct answer is D. Evaluate the KYC review process to understand why the review did not occur as required and. Regular KYC reviews ensure that high-risk customers are monitored for potential changes in their Option D (Correct): The KYC manager must determine why the required review was missed and implement corrective measures to prevent future failures.

AML/CFT Compliance Programs

Question

The manager of a bank's KYC team discovers that a high-risk customer's activity was not reviewed last quarter as required by the bank's internal compliance schedule. What should the KYC team manager do?

Options

ASubmit a referral to file a Suspicious Activity Report (SAR).
BRemove the customer from the bank's high-risk list.
CContact the customer's relationship manager to suspend account access until the periodic KYC
DEvaluate the KYC review process to understand why the review did not occur as required and

How the community answered

(30 responses)

A
3% (1)
B
10% (3)
C
7% (2)
D
80% (24)

Explanation

Regular KYC reviews ensure that high-risk customers are monitored for potential changes in their Option D (Correct): The KYC manager must determine why the required review was missed and implement corrective measures to prevent future failures.

Topics

#KYC review#high-risk customer monitoring#compliance gap#remediation

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