Certified Wound Specialist (CWS ) Practice Test

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Before accepting a new fiduciary account, the institution should identify the client, beneficial owners where applicable, beneficiaries, and other relevant parties primarily to support:

Know Your Client and due-diligence requirements Portfolio duration management Tax-loss harvesting Principal-and-income allocation

Correct Answer:

Know Your Client and due-diligence requirements

Explanation:

KYC and due diligence require the fiduciary to understand relevant parties, the purpose of the relationship, and associated legal and compliance risks.

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