ACAMS
CAMS · Question #807
During a routine periodic KYC refresh of a policyholder and client of an insurance company, updated business registry documentation has highlighted that the policyholder's business has changed…
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Conducting and Responding to Investigations
Question
During a routine periodic KYC refresh of a policyholder and client of an insurance company, updated business registry documentation has highlighted that the policyholder's business has changed addresses five times during the last year and that the ultimate beneficial owner (UBO) changed two weeks ago. What actions should be taken immediately?
Options
- AInvestigate the changes of address and change of UBO and in the meantime decline payment
- BRequest the relationship manager set up a meeting with the policyholder to update their address
- CInvestigate the changes of address and change of UBO and in the meantime freeze the client's
- DFile a suspicious transaction report because the insurance company was not made aware of the
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Topics
#KYC refresh#UBO changes#suspicious activity response#insurance sector due diligence