Maintenance of Account Records and Activity

What this video covers

• The two distinct six-year record retention triggers: replaced records run from the update date, final or unchanged records run from account closure
• What a firm's written Customer Identification Program (CIP) must specify when identity verification fails, and why automatic account closure is never the correct answer
• The four specific decisions CIP procedures must address: refusal to open, transaction terms during verification, closure after failed attempts, and Suspicious Activity Report filing
• How escheatment works under state unclaimed-property law, and why no nationwide dormancy period or federal remittance rule exists
• The difference between new covered outside accounts, which need prior written employer consent and notice before opening, and pre-existing accounts, which need both within 30 calendar days after becoming associated
• When an executing member must send duplicate confirmations, statements, or transaction data to an employer, and the critical written-request prerequisite
• Why the exam repeatedly baits test takers into confusing "prior" versus "post" timing for outside-account consent, and how to spot the trap