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Financial advisory
RES5Financial Advisory Services✓A CMI opened an account under its deferred-verification policy so as not to interrupt time-critical trades. On business day 35 after the account was opened, verification is still incomplete. What does the study guide require?
Section 7.9.8: verification should not exceed 30 business days after establishing relations; at 30 business days the CMI suspends and only returns funds; at 120 business days it terminates. Deferral is allowed only where essential for normal business and ML/TF risk is managed, for example with transaction limits and closer monitoring.
30 business days means suspend, 120 business days means terminate; do not confuse the two.
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