Adsense New Association. Recheck Monetized Channel?

I bought a monetized channel and associated it to a new Adsense account. Youtube Monetization tab has changed to the Step 1, 2, 3. All steps are green (Done) except for step 2 which is "In Progress".

Is Adsense going to check the monetized Youtube channel and possibly demonetize it?

Yes, AdSense will check the monetized YouTube channel and possibly demonetize it if it does not meet the monetization policies.