III APA Practice Test & Exam Prep | Ireland

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Under the Central Bank of Ireland's Consumer Protection Code (CPC), what is the primary purpose of the 'Knowing the Consumer' requirements?

To verify the identity of the customer for anti-money laundering purposes only To compile demographic data for marketing future investment products To gather sufficient information about the consumer to ensure any product recommended is suitable To check the creditworthiness of a consumer who wishes to open a savings account

Correct Answer:

To gather sufficient information about the consumer to ensure any product recommended is suitable

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