Supervisory Approvals for Accounts: Rapid Fire

What this video covers

• Why final supervisory responsibility stays with the firm and cannot be offloaded to an unregistered person, even when functions are delegated
• How written supervisory procedures (WSPs) must be reasonably designed to achieve compliance, and why control testing reports hit senior management at least annually
• Why a verbal principal approval always fails, no matter how suitable the account or how well the principal knows the representative
• The distinction between account refusal as the flip side of acceptance, and account closing as governed by the firm's own written procedures
• The two-step requirement for post-opening changes: firm review, then documented customer confirmation, notification, or follow-up
• Why merely opening a communication is not review, and what the record must name: reviewer, item, and date
• How the currency transaction report threshold aggregates same-day transactions across all domestic branches, and why monetary instruments travel with cash