Question

after a customer completed the new account forms for a broker-dealer, she was informed that they were rejected and returned. the client's birth date provided on the form did not match the information provided under the customer identification program (cip) procedures of the broker-dealer. what should be done next?

Answer 1

When a customer's account forms are rejected and returned due to a birth date discrepancy, the broker-dealer should communicate with the customer, verify the birth date, and update the records accordingly.

Step-by-step explanation:

When a customer's account forms are rejected and returned due to a discrepancy in the birth date provided on the form and the customer identification program (CIP) procedures of the broker-dealer, there are several steps that can be taken.

1. The broker-dealer should communicate with the customer to inform them of the discrepancy and the reason for the rejection.
2. The customer should be asked to verify their birth date and provide any necessary documentation to support their claim.
3. The broker-dealer should then review the CIP procedures and documentation provided by the customer to determine the accuracy of the birth date.
4. If the birth date is indeed incorrect, the customer should be asked to submit corrected account forms with the accurate birth date.
5. The broker-dealer should update their records accordingly and proceed with the account opening process.