Customer Accounts and Compliance

Customer-account questions combine operational detail with compliance judgment. The Series 7 expects you to know how accounts are titled, what information is required at opening, how firms maintain records, and when privacy, monitoring, or escalation duties apply.

This chapter follows the account life cycle from account type and registration through opening, maintenance, privacy obligations, and ongoing surveillance of account activity.

In this section

• Account Types and Registrations
  Compare individual, joint, entity, trust, and custodial account registrations and ownership rules.
• Opening Customer Accounts
  Understand required documentation, CIP, and suitability information when opening new accounts.
• Account Maintenance
  Review account updates, beneficiary changes, complaints, and ongoing recordkeeping duties.
• Privacy and Confidentiality
  Understand Regulation S-P, privacy notices, and safeguarding customer information.
• Account Activity and Monitoring
  Review transaction monitoring, unusual activity, and SAR-related escalation duties.