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CMFASPrepStudyingRES5
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Financial advisory
RES5Financial Advisory Services✓A customer refuses to provide the information needed to complete CDD at onboarding. What is the FI's correct course of action?
Where CDD cannot be completed, the FI must not open the account or carry out the transaction, must consider terminating any existing relationship, and must consider whether the circumstances warrant an STR.
Refusal to provide CDD information is itself a red flag that should prompt STR consideration.
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