KYC Fundamentals
What is the Customer Identification Program (CIP)?
This program ensures a bank verifies a customer’s identity during onboarding and review.
This role is responsible for executing the review and updating KYC information.
Who is the CDDO Analyst?
This type of activity MUST result in termination of the customer relationship if identified.
What is a prohibited business or activity type?
This CCP step must be completed before updating KYC systems to avoid system errors.
What is initiating the PR work item (moving to “PR Under Review”)?
This process is used to request missing information from customers.
What is Customer Outreach?
What is Standard Due Diligence (SDD)?
This due diligence type is required for every customer, even if CIP exemption applies
This team handles customer requests for missing KYC information.
Who is the CDDO Centralized Outreach Team?
Customers in this category require special approvals due to heightened financial crimes risk.
What are customers requiring escalated approvals?
Analysts review this section first to understand the customer and reason for review.
What is the PR Header?
This communication tool is used internally for clarification without contacting the customer directly.
What is an Out of Box RFI?
These two systems serve as the primary KYC Systems of Record used by analysts.
What are WebKYC and OmniKYC?
This group ensures reviews are complete, accurate, and compliant with procedures.
What is the CDDO Quality Control (QC) Team?
Analysts submit this referral when suspicious or unusual activity is identified.
What is an AML Event Referral (AMLR)?
This type of review is used when no full review is required due to conditions like closed accounts.
What is a Limited Review?
This occurs when additional time is granted to a customer to provide requested KYC information.
What is an Outreach Extension?
This requirement ensures identification of individuals who own or control a legal entity customer.
What is Beneficial Ownership?
This function provides approval for high-risk customers and oversees compliance policy implementation.
What is EFCC Enhanced Due Diligence (EDD)?
This designation applies to individuals with prominent public roles and increased corruption risk.
What is a Politically Exposed Person (PEP)?
This step includes reviewing 12 months of customer activity for reasonableness.
What is the Activity Review?
This process allows a customer relationship to be reopened after closure.
What is a Rescind?
This process ensures all customer data is complete, accurate, and aligned with the current policy year.
What is the Periodic Review (PR)?
This role oversees escalations and ensures consistent application of the PR process.
Who is the CDDO Manager or Team Lead?
This type of closure occurs when a customer fails to provide required KYC information.
What is an Incomplete KYC (IKYC) closure?
This final step includes documenting findings and preparing the work item for approvals.
What is Finalizing the PR Work Item?
This type of closure is recommended when a customer poses unacceptable financial or reputational risk.
What is a Risk-Based Closure?