Acams CKYCA Exam - Topic 1 Question 21 Discussion

Question

A politically exposed person (PEP) wants to open an account with a financial institution and provides no evidence for source of wealth.Which procedure should the financial institution follow?

Floyd · Accepted Answer

B) Condition the acceptance of the customer on receiving evidence for the customer's source of wealth

Floyd · Answer

A) Accept the customer without any evidence for the customer's source of wealth.

Floyd · Answer

C) Reject the customer on the basis of being a PEP and possibly corrupt

Floyd · Answer

D) Accept the customer and request source of wealth evidence during next year's updating procedures.