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Question 1 reset

KYC is

An ongoing process

To be carried out every 2 years

To be carried out every 6 months

A one time project

Question 2 reset

The process of money laundering is perpetrated by placement and layering.

True

False

Question 3 reset

Objective of KYC guidelines issued by RBI is to control

Money laundering

Financial frauds

Combating financial terrorism

All of the above

Question 4 reset

Is adopting anti money laundering practices compulsory for banks in India?

Yes

Question 5 reset

PEP in the context of PMLA stands for

Politically experienced persons

Politically empowered person

Politically exposed persons

Question 6 reset

India is not a member of a FATF.

True

False

Question 7 reset

FCRA means

Foreign Contribution Regulation Act

Foreign Currency Regulation Act

Foreign Currency Regulation Agreement

Question 8 reset

Money laundering means conversion of illegal money into legitimate money.

True

False

Question 9 reset

Under KYC, accounts cannot be categorised as

Low

Medium

High risk

Very high risk

Question 10 reset

Which of the following refers to the separation of illicit proceeds from their source by creating Complex layers of financial transactions?

Placement

Layering

Integration

Smurfing

Time Over