MCQ on compliance policy

What does the Compliance Policy primarily provide?

• A marketing strategy for the Bank
• A framework for the Compliance Function of the Bank
• A guide for customer service interactions
• A procedure for financial planning

To whom does the Compliance Policy apply?

• All employees in domestic locations only
• Employees on short-term assignments only
• All offices and personnel of the Bank in all jurisdictions
• Only permanent employees of the Bank

How does the Bank resolve conflicts between local and home country compliance obligations?

• By following home country guidelines
• By following less stringent guidelines
• By following more stringent guidelines
• By ignoring local guidelines

What is the review frequency of the Compliance Policy?

• Once every two years
• Once every quarter
• At least once a year
• When mandated by the RBI only

What is the maximum extension allowed for the Policy if not reviewed by the due date?

• Six months
• One year
• Three months
• No extension is allowed

Until when is the current Compliance Policy valid?

• 31.10.2024
• 31.10.2025
• 31.12.2025
• 31.03.2026

What happens to RBI changes made after the Policy’s approval but before its expiry?

• They are ignored until the next review
• They form part of the Policy pending formal inclusion at renewal
• They are applicable only if notified by the Board
• They do not apply retroactively

Who has the authority to allow the continuation of the Policy post-expiry?

• Compliance Officer
• Board of Directors
• Managing Director & CEO
• Audit Committee

Which offices must adhere to local regulatory requirements in addition to home country regulations?

• Domestic branches only
• Overseas offices
• Rural branches only
• Headquarters only

Under what circumstances can local regulatory guidelines override home country obligations?

• When mandated by RBI only
• When related to customer services, operations, or products
• When less stringent than home country guidelines
• Under no circumstances