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Q.1 What does "pooled accounts" imply?
A pooled account is a fiduciary account in which numerous people' investments are pooled together.
Q.2 What are some parameters that can be used to improve due diligence?
Customer location, financial state, nature of business or transaction purpose are the parameters for enhanced due diligence.
Q.3What 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.
Q.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 lists the documents required for identification as well as other required client characteristics.
Q.5Explain the AML/KYC client identification procedure.
The Client identification procedure is the process of identifying a customer using documents and other available information in order to comply with government-mandated AML/KYC rules.
Q.6How will you recognise transactions that are suspicious?
Observation, study of Exception Reports, and the use of AML Software can all be used to spot suspicious transactions.
Q.7What can cause a transaction to be considered suspicious?
There are a variety of reasons for a transaction to seem suspicious, including false identity, incorrect address, or doubt about the account's true recipient.
Q.8What does "name screening" imply?
Name screening is used to see if any of the institution's customers are on any blacklists or regulatory lists.
Q.9Who can be considered a customer for KYC purposes?
A customer is an individual or a business that maintains an account, forms a relationship, or has an account managed on their behalf or is a beneficiary of accounts kept by intermediaries.
Q.10When do employees receive induction training?
Employees receive induction training when they begin working for the company. Induction training is required.
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).
Q.11What does the BR Act of 1949 contain?
It includes AML/KYC policies.
Q.12 What does CTR stand for?
According to the PMLA, a cash transaction report is required.
It's also known as a currency transaction report.
Q.13What what do you mean when you say "money laundering"?
Money laundering is the concealment of the source of funds received by illegal means such as gambling, corruption, extortion, drug trafficking, and human trafficking. Money is moved around the financial system repeatedly in such a way that its source is obscured. It's the process of cleaning up dirty money.
Q.14Please take a look at the KYC procedure listed below. Determine which KYC aspect is the most effective.
corresponds to the practise that has been stated. The creation of a robust information base about each consumer is made possible by effective information-gathering tactics. This is known as
Identification of the customer, It entails effective information-gathering tactics that allow for the creation of a robust data base about each customer. 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.
Q.15What are the KYC objectives?
The goals of KYC are to ensure proper customer identity and to monitor questionable transactions.
What are the phases of money laundering?
Q.16 What are the stages of money laundering?
Integration, Layering, and Placement are the three stages of money laundering.
Q.17Why do Anti-Money Laundering Checks need to be done?
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 report suspicious activities might result in a criminal charge as well as hefty fines from the regulating agency.
Q.18Will you still need to conduct customer due diligence if you've been dealing with my clients for a long time?
We need to make sure that our customers are paid on time.
all clients' due diligence is up to date We would need sufficient documentary ID details on the files, but if their circumstances or risk profile have changed since then, we should update the customer due diligence.
Q.19Can you explain what money laundering and financial terrorism are?
Money laundering is the process of converting illegally 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.
Q.20What 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 following are the components of the KYC Policy: 1. Customer Acceptance Policy is a critical component. 2. Procedures for identifying customers 3. Transactions Monitoring 4. Management of risk.
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