Anti-Money Laundering & KYC Certification

Which of the following Bank Employee styles arousing suspicion? (i) Lavish Life style cannot be supported by his/her salary, (ii) Avoidance of long leave/vacation, (iii) Repeated negligence in observance of rules

An important element to the success of the AML process is that the customers should not be informed that his/her accounts are under monitoring for suspicious activities and/or that a disclosure has been made to the designated authority, namely FIU-IND. This is called as

Which of the followings is true regarding Suspicious transactions as per PMLA- as a transaction whether or not made in cash which to a person acting in good faith .... (i) Give rise to a reasonable ground of suspicion that it may involve the proceeds of crime, (ii) Appears to be made in circumstances of unusual or unjustified complexity, (iii) Appears to have no economic rationale or bona fide purpose

High net worth individual is one whose net worth is Rs.

Non-Profit organizations (NPOs)/ Non-Governmental Organizations (NGOs) promoted by the United Nations (UN) or its agencies will be classified as

Branch should not open deposit/advances account of the following organizations

Minimum punishment prescribed for the offence of Money laundering Act is

Which of the following acts defines the offence of Money Laundering as under "Engaging directly or indirectly in a transaction that involves property, that is proceeds of crime (or) derived from proceeds of crime (or) knowingly receiving, possessing, concealing, disguising, transpiring, converting, disposing off within the territories of India, removing form or bringing into the territory of India the property that is proceeds of crime"?

In the process of customer identification, the customer identification data should be updated ...... in 5 years in case of low risk category, and ______ in case of medium and high risk category customers.

______ is the process of keeping the amount lower than that fixed for reporting and building similar transactions till the amount planned to be laundered is reached fully.

What information about the correspondent bank must be available? (i) Major business activities, (ii) The bank's management, (iii) Level of AML/KYC compliance

Which of the crime is/are included under PMLA, 2002 for proceeds of crime? (i) Drug trafficking, (ii) Kidnapping, (iii) Murder

Laundering might attempt a series of small currency transaction over time because

What services are offered by correspondent banks? (i) International wire transfers, (ii) Cheque clearing, (iii) Cash/fund transfers

Which of the following should be treated as a 'customer' for prudent KYC analysis? (i) any person or company which can conduct a transaction in relation to an account offered by a ban, (ii) any person who is a signatory to an account offered by a building society, (iii) any person or company which holds an account issued by a credit union

...... is a bank which is incorporated in a country where is no physical presence and is not affiliated to any regulated financial group.

Which element of an effective transaction monitoring process, involves scrutiny of the transactions carried out by the customer over a longer period of time?

Customer verification is vital to any KYC procedure. What is acceptable in verifying an individual customer? Select the incorrect response from the alternatives below. In verifying an individual customer, you can rely on

______ are fake companies that appear on paper, but may not physically exist.

______ services are used to buy or sell foreign currencies, to consolidate small denomination bank notes into larger ones, or to exchange financial instruments. Criminals are attracted to this method of laundering as they are not as heavily regulated as traditional financial institutions.

During customer acceptance and identification activities, on which of the following customers should enhanced due diligence be conducted? (i) trustees, nominees, and fiduciaries, (ii) non-face-to-face customers, (iii) correspondent accounts

Which one of the following is a Valid document available to the bank for customer identification?

Which of the following terms is used to describe the process of sending money through multiple financial institutions to make it difficult to track?

What should be recorded regarding records of employee training on AML/KYC? (i) date of training, (ii) nature of the training received, (iii) attendance

Money derived from criminal activity is known as

What factors and characteristics come into play for the process of customer profiling? (i) buying patterns, (ii) creditworthiness, (iii) purchase history

Which of the following customers fall under the high risk category customers from KYC purposes ...... (a) politically exposed persons of foreign origin, (b) companies having close shareholding, (c) firms having sleeping partners, (d) high net worth individuals.

Which of the following customer does not fall under low risk category under KYC guidelines ......?

CTR stands for

Penalty to the banks for violating the Money Laundering Act is

Maximum retention period of the bank records that can be produced to the directorate of Anti Money laundering by the financial institutions in case of suspicious transactions is

Dormant/Inoperative account means

Suspicious Employee Behaviors

Tipping Off

Suspicious Transaction (PMLA)

High Net Worth Definition

Risk of UN NPOs

Restricted Accounts

Money Laundering Punishment

Defining Money Laundering

KYC Update Frequency

Smurfing Definition

Correspondent Bank Info

High-Risk Activity

Shell Bank Defined

Transaction Record Retention

Professional Intermediaries

Transaction Records

Small Account Conditions

Customer Acceptance

Reporting Suspicious Activity

PMLA Crimes

small currency transaction

Correspondent banks

KYC 'customer

Analysis of transactions

KYC proof

Layering

Proceeds of Crime

customer profiling

High risk customers

Low risk guidelines