Onboarding and an account-change request
Series X-A case study · set 3, case 9 of 9 · 5 questions · 2 marks each
Question 1 of 5Case practice
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An adviser’s operations team receives a request to change client Sana’s bank account and redeem an investment. The email comes from an address not previously registered, attaches a blurred identity image and asks for money to be sent to a friend’s account. Sana’s existing profile records a different bank and no third-party payment instruction. The firm’s written policy requires reliable identity checks, confirmation through a previously verified contact channel, consistency between ownership records and payment details, and retention of a dated audit trail. A staff member suggests bypassing the checks because the email says the matter is urgent. The exercise tests this stated policy, not a specific statutory form or deadline.
The described verification requirements are fictional firm policy. No current legal deadline or prescribed document list is asserted.
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The case and its answers
Every question of this case, with its answer and why each other option is wrong.
An adviser’s operations team receives a request to change client Sana’s bank account and redeem an investment. The email comes from an address not previously registered, attaches a blurred identity image and asks for money to be sent to a friend’s account. Sana’s existing profile records a different bank and no third-party payment instruction. The firm’s written policy requires reliable identity checks, confirmation through a previously verified contact channel, consistency between ownership records and payment details, and retention of a dated audit trail. A staff member suggests bypassing the checks because the email says the matter is urgent. The exercise tests this stated policy, not a specific statutory form or deadline.
The described verification requirements are fictional firm policy. No current legal deadline or prescribed document list is asserted.
Q1Which feature most strongly requires independent confirmation before acting?
Option A. The request is in writing.
Why it is wrong: A written message can still be unauthorised.
Option B. The request combines an unregistered address, changed payment details and a third-party account. — Correct answer
Option C. The client has an existing profile.
Why it is wrong: The profile provides a reference for checking changes.
Option D. The investment has a market value.
Why it is wrong: Market value is routine and does not verify the requester.
Answer: B. Several details differ from the known profile and would redirect money. The firm should verify the request rather than infer legitimacy from urgency. Remember: Changes to payment instructions deserve checks against trusted records.
Hint, shown before you answer in practice mode: Look for inconsistencies with previously verified records.
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Q2Which contact method follows the stated policy?
Option A. Use Sana’s previously verified contact channel to confirm the request. — Correct answer
Option B. Ask the named friend to approve it.
Why it is wrong: The friend’s approval does not establish Sana’s instruction.
Option C. Use only the new phone number included in the suspicious email.
Why it is wrong: That contact could be controlled by the requester.
Option D. Treat a rapid reply from the same email as proof.
Why it is wrong: Repeating contact through the unverified channel does not independently verify identity.
Answer: A. The previous verified channel can help confirm whether Sana initiated the change. New details supplied within the same request are not independent evidence. Remember: Do not let a requested account change supply its own sole verification channel.
Hint, shown before you answer in practice mode: A verification channel should be established independently of the requested change.
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Q3What should happen to the blurred identity image?
Option A. Copy another client’s clear document.
Why it is wrong: That would create false records.
Option B. Accept it because an urgent email lowers the required evidence.
Why it is wrong: Urgency does not satisfy the stated verification process.
Option C. Request a usable, appropriate verification record through the firm’s secure process. — Correct answer
Option D. Guess the unreadable details from Sana’s name.
Why it is wrong: Guessing does not verify identity.
Answer: C. An unreadable image cannot establish the relevant identity details. The team should obtain adequate evidence under its approved process. Remember: Collecting a document is not the same as verifying what it shows.
Hint, shown before you answer in practice mode: The document must actually support the check it is intended to perform.
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Q4How should the proposed payment to the friend’s account be treated under the stated policy?
Option A. Assume all third-party payment instructions are valid in every circumstance.
Why it is wrong: The case requires consistency and authorisation checks.
Option B. Send half now and investigate later.
Why it is wrong: A partial unauthorised payment still bypasses the check.
Option C. Pause implementation and resolve the ownership and authorisation mismatch. — Correct answer
Option D. Process it solely because the friend’s name appears in the email.
Why it is wrong: The email does not resolve the mismatch.
Answer: C. The team must establish whether the instruction is legitimate and permissible under its process before directing money to the changed destination. Remember: Resolve payment inconsistencies before releasing funds.
Hint, shown before you answer in practice mode: The policy requires a match between ownership records and payment details.
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Q5Which audit trail would best support a later review?
Option A. Delete the initial request once a reply arrives.
Why it is wrong: This removes relevant evidence.
Option B. Keep only the final redeemed amount.
Why it is wrong: That does not show how identity and authority were checked.
Option C. Record that staff felt the email looked genuine.
Why it is wrong: A subjective impression is weaker than documented checks and evidence.
Option D. Retain the original request, verification steps, evidence, reviewer and final decision with dates. — Correct answer
Answer: D. The dated request, checks and outcome show what was known and who approved the action. Remember: A useful audit trail records evidence and decisions, not just the end transaction.
Hint, shown before you answer in practice mode: A reviewer should be able to reconstruct the decision.
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