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Questions and Answers
What should you do when you discover that a Business, Private, or Prestige client requires assistance with an AML Review in the branch?
After advising the client to contact their Relationship Manager, what should you do next?
Why is it important to make a history note after advising the client and Relationship Manager?
What is the primary reason you should not close a Business, Private, or Prestige client's account?
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Who is responsible for dealing with the matters of Business, Private, and Prestige clients?
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You can lift a restriction on a client's profile without checking the history notes for any restrictions.
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KYC documents are not required to be in order before lifting a restriction on a client's profile.
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A SOF document is only required for Low-Risk Clients.
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Source of Wealth (SOW) history notes are not necessary for lifting a restriction on a client's profile.
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You do not need to refer to your Line Manager for approval to un-restrict a profile.
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Study Notes
Client Support and AML Review for Business, Private & Prestige Clients
- Business, Private, and Prestige clients have a dedicated Relationship Manager to handle their matters.
- When these clients require branch assistance and an AML Review is pending, the following steps must be taken:
- Inform the client to contact their banker.
- Notify the banker via email about the outstanding AML review and the client's instructions.
- Document the client and banker's notification in the account history.
- Avoid closing these accounts, as the banker must engage with the client for closure.
Unrestricting Client Profiles
- KYC documents must be in order: POI, POR, and correct profiling are essential
- SOF document requirements: Ensure SOF document is present for High-Risk Clients, and SOF amount matches what is captured on Customer1st
- Source of Wealth (SOW) documentation: Check history notes for SOW where applicable
- Line Manager approval required: Referral to Line Manager necessary for approval to un-restrict the profile
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Description
Learn the steps to follow when AML review is required for Business, Private, and Prestige clients, including advising the client and banker, and documenting the process.
