5 Questions
You must check the history notes to understand why a client's account is restricted before lifting the restriction.
True
It is necessary to have a SOF document only for Low-Risk Clients.
False
You may lift a restriction on a client's profile without checking the KYC documents.
False
The Source of Wealth history notes are required for all clients.
False
Approval from a Line Manager is not necessary to un-restrict a client's profile.
False
Study Notes
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
Learn about the necessary steps to lift restrictions on a client's profile, including verifying KYC documents, SOF, and SOW history notes.
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