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1. What does "pooled accounts" imply?
A pooled account is a fiduciary account in which numerous people's investments are pooled together.
2 What are some factors that may be used to improve due diligence?
Customer location, financial state, nature of company or transaction purpose are the factors for improved due diligence.
3. What does KYC Policy imply?
In India, all banks are required to have a KYC policy, as mandated by the RBI. Customer Acceptance Policy, Customer Identification Procedures, Transaction Monitoring, and Risk Management are all listed in the KYC policy.
4. Describe the AML/KYC Customer Acceptance Policy.
The customer acceptance policy outlines the procedures to be followed when a consumer opens an account. The policy outlines the papers required for identification as well as other required client characteristics.
5. Describe the AML/KYC approach for client identification.
Client identification is the process of identifying a customer using papers and other accessible information in order to comply with government-mandated AML/KYC regulations.
6. How will you spot questionable activity?
Observation, study of Exception Reports, and use of AML Software can all be used to spot suspicious transactions.
7. How might a transaction be considered suspicious?
Suspicious transactions can be triggered by a variety of factors, including false identity, incorrect address, or uncertainty about the account's true beneficiary.
8. What does "name screening" entail?
The term "name screening" refers to the process of determining whether or not any of the institution's customers are on any blacklists or regulatory lists.
9. Can anyone be considered a customer for the purposes of KYC?
A customer is an individual or a business that maintains an account, forms a connection, or has an account managed on their behalf or is a beneficiary of accounts kept by intermediaries.
10. When do workers receive induction training?
Employees receive induction training when they begin working for the company. Induction training is a type of orientation for new employees to enable them to perform their duties in a new profession or job role within a company (or establishment).
11. What does the BR Act of 1949 contain?
It includes AML/KYC policies.
12. CTR stand for?
Cash transaction report as defined by the PMLA.
It's also known as a currency transaction report.
13.What what do you mean when you say "money laundering"?
Money laundering is the act of disguising the source of money received by illegal methods such as gambling, corruption, extortion, drug trafficking, human trafficking, and so on. Money is transferred through the financial system repeatedly in such a way that the source of the money is disguised. It's the process of cleaning up filthy money.
14. Please have a look at the KYC procedure listed below. Choose the KYC aspect that most closely refers to the described practise. The creation of a robust knowledge base about each consumer is made possible by effective information-gathering tactics. This is referred to as?
Identification of the customer, It entails excellent information-gathering tactics that allow for the creation of a robust data base about each consumer. Banks must spell out the Customer Identification Procedure to be followed at various stages, such as when establishing a banking relationship, conducting a financial transaction, or when the bank has doubts about the authenticity, veracity, or adequacy of previously obtained customer identification data.
15. What are the KYC objectives?
The goals of KYC are to guarantee proper customer identity and to monitor questionable transactions.
16.What are the steps in the money laundering process?
Integration, Layering, and Placement are the three steps of money laundering.
17. What are the benefits of doing anti-money laundering checks?
Since the Proceeds of Crime Act, the Serious Organized Crime and Police Act, the Terrorist Act, and the Money Laundering Requirements control the AML regulations. Failure to disclose suspicious activities might result in a criminal charge as well as hefty fines from the regulating agency.
18. Will you still need to conduct customer due diligence if you've been dealing with my clients for a long time?
We need to maintain all of our clients' due diligence up to date. We'd need enough documented ID data on the files, but if their circumstances or risk profile alter, we'll need to update the client.
19. Can you explain what money laundering and financial terrorism are?
Money laundering is the process of converting unlawfully obtained funds into funds that appear to have come from a legitimate source. Money laundering is used by money launderers all over the world to hide illicit behaviour such as drug trafficking, terrorism, and extortion.
20. What is a Know Your Customer (KYC) Policy?
All banks are expected to create a KYC Policy with the consent of their respective boards, according to RBI instructions published vide. The KYC Policy is made up of the following major components:
1. Acceptance Policy for Customers
2. Procedures for identifying customers
3. Transactions Monitoring
4. Management of risk.
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