Canadian Imperial Bank Of Commerce (CIBC) Interview Practice Test

Under KYC, when should you escalate to a higher risk or compliance team?

If anomalies arise or risk indicators are elevated Only after a customer asks Never escalate; handle alone Escalate only after three months

Correct Answer:

If anomalies arise or risk indicators are elevated

Explanation:

KYC uses a risk-based approach: escalate when risk signals are triggered. If anomalies arise or risk indicators are elevated, that flags potential higher risk and requires the risk or compliance team to review, perform enhanced due diligence, verify information, and decide on appropriate actions such as ongoing monitoring or escalation to authorities. This proactive escalation protects the bank from AML risks and aligns with regulatory expectations. Escalation isn’t tied to a customer asking for it, nor is it a matter of never escalating or waiting a fixed time like three months—the process is driven by detected risk signals.

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