Customer Account Records

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Chapters in this video

  1. 0:00 Opening Carla's account: must maintain versus reasonable efforts
  2. 2:20 The trusted contact person exam trap
  3. 3:52 Changing investment objectives and the suitability review
  4. 4:49 The address-change fraud safeguard
  5. 5:36 Record retention: 30, 36, and 6 years
  6. 6:33 Rapid-fire exam recap

What this video covers

  • Which customer information is legally required versus which falls under "reasonable efforts" before settlement
  • The trusted contact person (TCP) requirement: what they can and cannot do, and why a firm must still open the account if the customer declines
  • How investment objective changes trigger documentation, customer notice within 30 days, and a fresh suitability review of existing positions
  • Why address-change notices go to the old address within 30 days as an early warning system against fraud
  • The three critical record retention numbers: 30 days to furnish initial records, 36 months maximum to refresh, and 6 years to preserve updated or closed-account records
  • Which accounts are exempt from TCP rules and why institutional accounts skip this requirement

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