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Banking Rules and Regulations

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Questions and Answers

What is the purpose of full KYC in case of Medium Risk Customer Category?

To request closure of newly opened accounts

To know the correct location and address of the customer

To open an account at a place other than the place of work

To make reasonable effort to determine the true identity and beneficial ownership of accounts (correct)

What is the requirement for identification documents of a guardian or family member who proposes to operate the account?

A fresh set of identification documents is always required

No identification documents are required if the guardian or family member is already an account holder

Identification documents are required only if the guardian or family member is not an account holder (correct)

Identification documents are only required for high-risk customers

Who is considered a person or entity that maintains an account or business relationship?

A professional intermediary like CA

A beneficiary of transactions

One on whose behalf an account is maintained (correct)

A person who operates an account on behalf of a minor

What is the correct method of opening and verifying an account?

Opening and verifying of account by two different persons Signup and view all the answers

What is a characteristic of a high-risk customer?

Frequent deposits of large sums of money bearing labels of other banks Signup and view all the answers

What is the requirement for KYC documents in case of a customer belonging to a low-income group?

KYC documents are required Signup and view all the answers

What is the purpose of knowing the correct location and address of the customer?

To know the correct location and address of the customer Signup and view all the answers

What is the requirement for KYC documents in case of multiple account holders?

KYC documents of all the members are required Signup and view all the answers

Study Notes

Account Operation and Identification

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No identification documents are required for a guardian or family member operating an account if they already have a satisfactorily conducted account.

Customer Identification and KYC

For Medium Risk Customer Category, full KYC (Know Your Customer) is required to:
- Determine the true identity and beneficial ownership of accounts
- Verify the customer's location, address, and business nature
- Identify the account holder and beneficial owners

Suspicious Account Activity

Red flags for account activity include:
- Opening an account at a non-work location
- Frequent large deposits from other banks
- Requesting closure of newly opened accounts with high-value transactions
- Inconsistent account opening and verification procedures

KYC Document Requirements

KYC documents are required for:
- All account members
- All office bearers
- No exemptions for individuals from low-income groups

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Description

Test your knowledge of banking rules and regulations, including account operations and identification requirements.