Which of the following is not a parameter bank has considered for classifying the customers into various risk categories

Annual Income / Turn over of the customer

What is CDD in KYC process??

Customer Differentiating Database

As per KYC-AML guidelines, which of the following will not come under positive confirmation ?

Acknowledgement of receipt of letter

Accounts are risk categorized under KYC as

Medium, moderate and very high risk

In Finacle, Money Laundering Risk categorisation of the customers is done in periodicity.

Half Yearly for June and December every year

Half Yearly for March and September every year

Which of the following parameter is not considered by the system for assigning Money Laundering Risk to the customer

Annual Income / Turnover in the A/c

Type of product/ Service availed by the customer

What are the types of CDD?

Basic Due Diligence, Simplified Due Diligence & Enhanced Due Diligence

Basic Due Diligence, Simplified Due Diligence & Moderate Due Diligence

Basic Due Diligence, Moderate Due Diligence & Enhanced Due Diligence

In case of small account under KYC norms

Both the above statements are true

the aggregate of all credits in a financial year does not exceed Rupees one Lakh

the balance is not exceeding Rs 50,000/- in all their accounts taken together

Both the above statements are False

Role of the concurrent auditors / internal inspectors with KYC is to

Review of compliance of KYC guidelines

Effectiveness of the implementation of the KYC

Verification of newly opened accounts and their transactions

One of the sources that is available to identify the correctness of the information given by the New Customer of the commercial Bank is

By information provided by the agencies like CRISIL

Introduction given by the existing customer of the Bank

By studying the account opening form

In case of societies, the important document to be verified is

Certificate given by the Local Authorities

No document is to be verified in case of societies, as it is exempted

Financial Accounting Trade Federation

Financial Association of Traders in Finance

Foreign Authority Traders Federation

STR in the context of PMLA stands for

Suspicious Transaction References

Suspicious Transaction Regularisation

Customer is defined as

a person or entity that maintains an account and/or has a business relationship with the bank

an entity that maintains an account and/or has a business relationship with the bank

a person or entity that maintains only a business relationship with the bank

a person or entity that only maintains an account with the bank

Under KYC norms Banks should prepare

a profile for each new customer based on risk categorisation

a profile for each new customer based on constitution

a profile for each new customer based on financial status

a profile for each new customer based on own funds

Which of the following document/s that can be accepted by the Banks as address proof of Customer Identification-

Income / Wealth Tax Assessment Order

In computerised branches, suitable filters are required in the software for the purpose of

monitoring the suspicious transactions

calculating the correct rate of interest

printing out the customer profiles

sharing information/ data to the Head office

Money Laundering means

Conversion of illegal money into legitimate money

Conversion of cash into gold to make them legitimate

Conversion of assets into cash to make them legitimate

Conversion of assets to invest in Laundromat

What is NCCT in the context of Money Laundering

Non Cooperative Countries and Territories

National commission for cooperation in trade

National committee for cooperation in trade

While opening an account UCIC means

Unique Customer Indentification Code

Unique Customer Identification Character

Unique Customer Identification Criterion

Due diligence is done at the time of opening an account to enable banks to ensure

identification of the customer at the time of opening an account

correctness of the various denominations of notes given by the customer while opening an account

authencity of the signatures of the customer at the time of opening an account

speeding up the process of account opening of the new customers

Letter of thanks is sent to introducer/s because it is

assisting banks in verification of genuineness of account opened

a routine practice followed by banks for years

recommended by the Auditors of banks

To be carried out every 5 years

KYC AML

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Which of this is not a key element of KYC-AML-CFT policy

Customer Acceptance Policy

Customer Identification Procedure

Customer Centricity

Risk Management

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KYC AML

89 questions

Prevention of Money Laundering Act (PMLA) was first introduced in the year

What is CFT under KYC / AML regulations?

Submission of details of PAN (Permanent Account Number) is compulsory for Fixed Deposits, Remittances, such as DDs/ TTs/ Rupee TCs, etc, if the amount exceeds-

In case customer is not having PAN in his name bank must obtain declaration in Form no

In case of Demat Account opening branches mandetorily obtain appart from other OVDs.

KYC-AML-CFT Policy consists of Key elements

Which of this is not a key element of KYC-AML-CFT policy

For Classifying customers into various Risk Categories bank has considered parameters

Which of the following is not a parameter bank has considered for classifying the customers into various risk categories

Which of the following will be classified under High Risk category

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