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Which of the following elements of Know Your Customer process involves screening of customers against negative lists?
A customer has an account with you since the last few years. Her account is marked as low risk. Through news and media, you come to know that she recently got married to the son of a politically exposed person.
What should be your course of action?
Can simplified CDD measures be applied when a customer lives in a country known to be non-compliant with the international standards of AML/CFT?
Fill in the blank:
Reporting entities must retain records of all transactions for at least ______ years following completion of the transaction or end of the business relationship.