Question

The know your customer rule in the usa patriot act requires that financial institutions including insurance companies, to do the following except:

a) Verify the identity of customers
b) Maintain records of customer information
c) Report suspicious activities
d) Provide financial advice

Answer 1

The Know Your Customer (KYC) rule in the USA PATRIOT Act requires financial institutions to verify customer identity, maintain customer records, and report suspicious activities, but it does not require them to provide financial advice.

Step-by-step explanation:

The Know Your Customer (KYC) rule in the USA PATRIOT Act requires that financial institutions, including insurance companies, to verify the identity of customers, maintain records of customer information, and report suspicious activities. However, it does not require them to provide financial advice.