Quiz for Back2Basics: Customer Identification & Due Diligence Procedures

1. The “Patriot Act Notice” informing consumers of the bank’s identification requirements should be provided or made available to the customer:

1. The purpose of a bank’s customer identification program is to:

Which of the following would not be considered an “account” for CIP purposes

The purpose of customer due diligence (CDD) procedures is to

1. Which of the following would be considered a “legal entity customer”?

1. A legal entity customer may have anywhere between __________ beneficial owners.

1. The exceptive relief issued by FinCEN in 2026 allows some exceptions from the requirement for banks to:

Customer risk ratings are primarily based on:

1. Enhanced due diligence (EDD):

1. In what situation would a bank be most likely to re-rate a customer at a lower risk rating?