IIBF KYC AML Quiz 3

Why KYC / AML guidelines required?

• To Prevent banks from being used intentionally or unintentionally by criminal elements for money laundering.
  

• To prevent banks from being used intentionally or unintentionally by criminal elements for terrorist financing activities
  

• It enables banks to understand that customers and their financial dealings better
  

• All of the above
  

Which are the entities licensed under section 22 of Banking Regulation act to which provisions of KYC policy of RBI will be applicable?

• Scheduled Commercial bank(SCB),
  

• Regional Rural Banks (RRBs), Local area Bank(LABs )
  

• Primary (Urban) Co-operative banks (UCBs) and State & Central Cooperative banks (SICBs/ CCBs)
  

• All of the above
  

Which among the following is not a category of risk under KYC?

• Low Risk
  

• Medium Risk
  

• High Risk
  

• Normal Risk
  

KYC policy of the banks as per RBI directives should provide for

(1) Customer acceptance policy (2) customer identification procedure

(3) monitoring of transactions (4) risk management

• 1, 2 and 3 only
  

• 1, 3 and 4 only
  

• 2, 3 and 4 only
  

• 1 to 4 all
  

Customer acceptance policy of the bank is framed so as to take care of which are all aspects?

• No account is opened without applying appropriate customer due diligence
  

• No accounts opened in the name in anonymous/ fictitious /benami names
  

• No transaction or account based relationship is undertaken without following the Customer Due Diligence procedure
  

• All specified mandatory information to be compulsorily to be obtained while opening the account and during the periodic up-dations and optional/additional information after opening the account with the consent of customer
  

Which among the following is not an Officially Valid Document?

• Pass Port
  

• Electricity Bill
  

• Driving License
  

• Voters ID Card
  

Officially Valid Document for Limited purpose of proof of address are

• Utility Bill not more than 2 months old
  

• Property or Municipal tax receipt
  

• Pension / Family pension payment order issued to retired employees if it contains address
  

• All the above
  

In case the address furnished in the proof of address undergoes a change, what does the KYC policy stipulates?

• Customer to submit any Official valid documents for limited purpose of proof of address.
  

• Customer shall submit any other officially valid documents for current address with in3 months.
  

• Both of the above
  

• None of the above
  

To receive any benefit or subsidy notified under Section 7 of Aadhaar Act which of the following is correct.

• Submission & Seeding of Aadhar Number to Account is Mandatory
  

• Any of the Official Valid Document can be submitted
  

• Submission of PAN is Mandatory.
  

• No Official Valid Document need to submit.
  

What are the documents to be submitted by an individual for establishing an account based relationship with the bank as per the guidelines?

• Proof of possession of Aadhaar Number, PAN Card / Form60
  

• Passport, Driving License, Voters ID issued by Election Commission
  

• Photograph
  

• Any of a or b and c