Project XYZ deals with account opening for retail customers. As a part of the KYC submission, the SOP mandates attestation by the bank for submission of account statement. Which strategy is helping the project against fraudulent account onboarding?

Homework Help: Questions and Answers: Project XYZ deals with account opening for retail customers. As a part of the KYC submission, the SOP mandates attestation by the bank for submission of account statement. Which strategy is helping the project against fraudulent account onboarding?

a) Prevention
b) Detection
c) Recovery
d) Deterrence

Answer:

First, let’s understand the key elements:

• Project XYZ is about account opening for retail customers.
• KYC (Know Your Customer) submission is required.
• The Standard Operating Procedure (SOP) mandates attestation by the bank for account statement submission.

To determine which strategy is being used to help the project against fraudulent account onboarding, let’s analyze the provided options in the context of the situation:

Given Options: Step by Step Answering

a) Prevention

• This involves taking steps to stop fraudulent activities from occurring in the first place. In the context of the question, requiring attestation by the bank for the submission of an account statement is a preventive measure. It helps ensure that only legitimate documents are used for account opening, thereby preventing fraudulent accounts from being opened.

b) Detection

• This involves identifying fraudulent activities after they have occurred. This option would relate to measures that help identify fraudulent accounts or activities after they have been set up, which does not directly apply to the given scenario.

c) Recovery

• This involves taking actions to recover from fraudulent activities after they have been detected. This typically includes steps to mitigate the impact of fraud after it has occurred, which is not what the SOP is addressing.

d) Deterrence

• This involves implementing measures to discourage or deter fraudulent activities. While attestation can have a deterrent effect, it primarily serves as a preventive measure by ensuring authenticity before account opening.

Final Answer:

Based on the above analysis, the correct strategy being employed through the requirement of attestation by the bank for the submission of an account statement is:

a) Prevention

This strategy focuses on preventing fraudulent account onboarding by ensuring the authenticity of documents before the account is opened.

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