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During the regular periodic review of a high-risk client, a KYC analyst performs EDD checks and detects the presence of a politically exposed person. The KYC analyst should escalate this issue to the:
Suggested Answer: B
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When a politically exposed person (PEP) is identified during enhanced due diligence, FATF requires that senior management approve the decision to continue or terminate the relationship due to the elevated financial crime risk.
16 comments · newest first
MA
Martina
3 days ago
I think it should be C. The head of the KYC team needs to make the final call.
SH
Shawn
8 days ago
Definitely C. We need proper oversight for high-risk clients.
SA
Samuel
13 days ago
I feel overwhelmed. This is a tricky situation.
HO
Hortencia
18 days ago
True, but they might not have the final say like the head does.
NA
Nan
23 days ago
But what about A? The onboarding team needs to assess risk too.
PE
Pedro
29 days ago
I agree, C makes sense. They have the authority.
YA
Yan
1 month ago
I think the right choice is C. The head of the KYC team should handle this.
MA
Marion
1 month ago
Really surprised this is even a question, isn't it obvious?
AN
Annamae
1 month ago
Totally agree with C, they have the final say on these matters.
LA
Lashawnda
2 months ago
Wait, why would we involve the privacy officer? Seems off.
PA
Page
2 months ago
I think B makes more sense for risk approval.
VE
Venita
2 months ago
Definitely C, head of the KYC team needs to know.
PA
Paulina
2 months ago
From what I recall, escalating to management seems too broad; the KYC head might be more appropriate for these specific situations.
KE
Keena
2 months ago
I’m uncertain about the privacy officer's role here. I thought they were more focused on data protection rather than risk assessment.
AR
Ariel
3 months ago
I think we practiced a similar question, and I feel like the head of the KYC team would be the right choice since they handle these specific cases.
LI
Lindsay
3 months ago
I remember we discussed how important it is to escalate issues involving politically exposed persons, but I'm not sure if it should go to management or the KYC head.