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Risk Rating on Customer Opening New Saving Acct?

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Should we complete a risk rating on a customer opening a new saving account, as an example, or how are the accounts selected that this is completed on, i.e. based on what criteria?

Unless the customer themselves fails your standard customer due diligence test because of the nature of the customer, I am not sure why anyone would specifically risk rate a savings account, other than low, if you have such a rating?

First published on 11/15/2020

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