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When an existing customer becomes a politically exposed person (PEP), what should the KYC analyst do during the review/refresh period?
Suggested Answer: C, E
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32 comments · newest first
JO
Jolene
11 months ago
Updating signatories is a must, but enhanced due diligence is the key!
LE
Leota
11 months ago
Surprised this isn't more straightforward, seems like a no-brainer to me.
LO
Lottie
11 months ago
Wait, why would you seek advice first? Just do the due diligence!
CY
Cyril
12 months ago
I think updating the customer profile is crucial too!
CL
Clarinda
1 year ago
Definitely need to perform enhanced due diligence for PEPs.
BE
Bea
1 year ago
I vaguely remember that we should update the signatories and then do enhanced due diligence later, but I’m not completely confident about the timing.
ER
Erin
1 year ago
I feel like updating the customer profile is definitely necessary, but I can't recall if we should do that before or after the enhanced due diligence.
AL
Alline
1 year ago
I think we practiced a question similar to this where we had to decide if we should seek compliance advice first. That might be relevant here too.
LI
Lindsey
1 year ago
I remember discussing how important it is to perform enhanced due diligence when a customer becomes a PEP, but I'm not sure if that means we should update the profile immediately or wait.
MA
Malcolm
1 year ago
I'm a little confused by this question. Do we need to update the authorized signatories right away, or just during the next review? I'm not sure if that's required as part of the enhanced due diligence. I'll have to double-check the policies on this.
KI
Kirk
1 year ago
Okay, I think I've got this. The key is to perform enhanced due diligence on the customer and update the KYC profile as soon as we become aware that they are a PEP, not wait for the next review period. Option C looks like the best answer.
KI
Kirk
1 year ago
Hmm, I'm a bit unsure about this one. I know we need to do enhanced due diligence for PEP customers, but I'm not sure if that's required immediately or just during the next periodic review. I'll have to think this through carefully.
RO
Rolland
1 year ago
This seems like a straightforward KYC question. I'll carefully read through the options and think about the appropriate steps when an existing customer becomes a PEP.
CA
Callie
1 year ago
Okay, let's see. I'll need to use conditions to check for committed code and the user's project role, validators to prevent commenting in a specific status, post functions to set the resolution and send the notification email, and properties to manage the workflow.
DO
Dorsey
1 year ago
I honestly can't recall the exact structure we studied. I thought there were arguments for producing separate test plans, but I don't remember. Maybe option D could work too?
TW
Twanna
1 year ago
Okay, I think I've got this. I'll need to find the variable overhead expenditure variance by comparing the actual variable overhead costs to the budgeted variable overhead costs based on the actual production volume. I should be able to work this out step-by-step.
EV
Evangelina
1 year ago
Haha, A? Come on, you really think the compliance officer wants to be bothered every time a customer becomes a PEP? They're probably busy enough as it is, trying to figure out how to get the coffee machine to stop spitting out lukewarm sludge. C is definitely the right answer here.
SA
Sabrina
1 year ago
Definitely. It's better to be safe than sorry when it comes to compliance and regulations.
CO
Colton
1 year ago
Yeah, I agree. It's important to stay on top of these things, especially when dealing with politically exposed persons.
LE
Letha
1 year ago
I think C is the best option here. We need to perform enhanced due diligence for the customer and update the KYC profile.
TE
Terrilyn
2 years ago
D? Nah, that's way too lax. You gotta do the enhanced due diligence ASAP when a customer becomes a PEP. Can't just wait for the next refresh cycle, that's asking for trouble. I'm confident C is the way to go.
MA
Martina
1 year ago
Absolutely, we can't afford to be lax when it comes to PEPs. C is the best option for sure.
AL
Albina
1 year ago
Yeah, waiting for the next refresh cycle is risky. We need to act quickly and update the KYC profile.
AL
Allene
1 year ago
I agree, C is definitely the right choice. Enhanced due diligence is crucial when a customer becomes a PEP.
LY
Lynna
2 years ago
B? Really? That's just updating the signatories, not the important PEP stuff. I'm going with C, gotta stay on top of those regulatory requirements, you know? Although, who knows, maybe the compliance officer drinks a little too much coffee and will just mark it all as PEP anyway.
EL
Eleonore
1 year ago
B? Really? That's just updating the signatories, not the important PEP stuff. I'm going with C, gotta stay on top of those regulatory requirements, you know? Although, who knows, maybe the compliance officer drinks a little too much coffee and will just mark it all as PEP anyway.
AR
Arlette
1 year ago
C) Perform enhanced due diligence for the customer and update the KYC profile.
WI
Wilburn
1 year ago
A) Seek the compliance officer's advice before marking the authorized signatory as PEP.
RO
Rozella
2 years ago
Hmm, I'm pretty sure it's C. You gotta do that enhanced due diligence right away when a customer becomes a PEP. Can't wait for the next refresh cycle, you know? Otherwise, the compliance officer might give you an earful.
FR
Francine
2 years ago
I would also seek the compliance officer's advice before marking the authorized signatory as PEP, just to be safe.
CO
Colette
2 years ago
I agree with Carey. It's important to update the KYC profile and keep a close eye on PEPs.
CA
Carey
2 years ago
I think we should perform enhanced due diligence for the customer and update the KYC profile.