IIBF KYC AML Quiz 1

Periodic up-dation of KYC

• 8 year for low Risk, 10 year for high Risk and 2 year for medium Risk customer
  

• 2 year for low Risk, 10 year for high Risk and 8 year for medium Risk customer
  

• 10 year for low Risk 2 year for High Risk and 8 year for medium Risk customer
  

• 8 year for low Risk, 2 year for high Risk and 10 year for medium Risk customer
  

Introduction of customer to bank is …………………. for opening accounts under PML Act and Rules or the RBI‟s extant instructions.

• Not mandatory

• Mandatory
  

• Manager Discretion
  

• None of the above
  

Which does not match as customers risk

• Travel Agency- Medium Risk
  

• NGO which supported by UNO- Low Risk
  

• Restaurant, Retail Shop- Medium Risk
  

• Blind- High Risk
  

If customer is desirous of receiving any benefit or subsidy under any scheme

• Submission and Linking of Aadhar Number to account is mandatory
  

• Submission of any of Official Valid Document will holds good
  

• Submission of PAN Card is mandatory
  

• Need not submit any official valid document
  

ATM transaction is categorized

• low risk
  

• Medium risk
  

• high risk
  

• not required to categorized in risk
  

Bank shall maintain record at least

• 5 years for specified records where transactions are internal in nature
  

• 8 years for specified records where customers transactions are recorded
  

• Both a & b
  

• None of the above
  

KYC documents for opening bank accounts of companies

• Certificate of Incorporation, Memorandum and articles of association
  

• Resolution from board of directors & power of Attorney granted to its managers, officers or employees to transact on its behalf.
  

• Corporate Identification Number (CIN) and PAN of the company
  

• All the Above
  

Suspicious transaction means a transaction which

• Gives rise to a reasonable ground of suspicion that it may involve proceeds of an financial offence regardless of the value involved
  

• Appears to be made in circumstances of unusual or unjustified complexity
  

• Appears to have no economic rationale or bona fide purpose
  

• All the above
  

Where the client is a partnership firm, which documents are not required?

• Registration Certificate
  

• Memorandum of Association
  

• Partnership Deed
  

• KYC of authorized signatories
  

Bank applies the CDD procedure at UCIC (Unique Customer Identification Code) level. So, if an existing KYC compliant customer desires to open new account, fresh CDD exercise is

• Not required
  

• Mandatory
  

• Optional
  

• Branch Manager discretion