KYC Guidelines Quiz 2023
41 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is required to be attached when opening individual accounts after January 1, 2017?

  • Tax returns from the previous year
  • Photographs and KYC documents (correct)
  • Proof of income statements
  • Reference letters from two professionals

From which date must non-individual accounts adhere to the Re-KYC guidelines?

  • March 1, 2021
  • January 1, 2017
  • June 1, 2021
  • April 1, 2021 (correct)

Which of the following statements is correct regarding account opening dates?

  • Only individual accounts are subject to Re-KYC from April 1, 2021
  • KYC documents are only required after March 1, 2021
  • All branches are required to upload KYC for accounts opened on or after April 1, 2021 (correct)
  • Photography requirements are waived for accounts opened after April 1, 2021

What types of accounts were opened requiring KYC documents starting from January 1, 2017?

<p>Individual and non-individual accounts (C)</p> Signup and view all the answers

What is one of the requirements for branches regarding Re-KYC for accounts opened on or after April 1, 2021?

<p>Branches must upload Re-KYC documentation (B)</p> Signup and view all the answers

What is the main focus of the guidelines mentioned in the circular?

<p>Record retention periods (A)</p> Signup and view all the answers

Which department is responsible for the updated guidelines on document handling?

<p>Operations Department (D)</p> Signup and view all the answers

What does the acronym 'I' likely stand for in the context of the document?

<p>Information (C)</p> Signup and view all the answers

What type of record management process is NOT mentioned in the circular?

<p>Content Creation (C)</p> Signup and view all the answers

Which of the following is emphasized in the document regarding records?

<p>Destruction policies for outdated records (B)</p> Signup and view all the answers

What was the main issue leading to increased verification requirements in May 2024?

<p>Discrepancies between the name on the card and the name on the ITR (B)</p> Signup and view all the answers

What action did the bank take to address name mismatches?

<p>Allowed discretion to accept genuine cases (A)</p> Signup and view all the answers

Which document was mentioned as a reference for name verification?

<p>26AS (A)</p> Signup and view all the answers

What is the primary purpose of the verification process implemented by the bank?

<p>To ensure correctness of customer account details (C)</p> Signup and view all the answers

What was the result of discrepancies noticed in the verification process?

<p>Enhanced scrutiny on customer profiles (C)</p> Signup and view all the answers

What has changed regarding the title of a specific position within the bank?

<p>It has been changed to Business Correspondent. (D)</p> Signup and view all the answers

Which aspect relating to Business Correspondent Supervisors remains unchanged?

<p>Selection criteria. (A), Performance review. (B), Roles and responsibilities. (D)</p> Signup and view all the answers

What can be inferred about the bank's decision to change nomenclature?

<p>It has no real impact on eligibility conditions. (A)</p> Signup and view all the answers

Which of the following is NOT a reason for the bank's change in nomenclature?

<p>Change in the review process. (C)</p> Signup and view all the answers

Which statement regarding remuneration is true post nomenclature change?

<p>Remuneration remains unchanged. (A)</p> Signup and view all the answers

What process related to business correspondents is explicitly mentioned as remaining unchanged?

<p>Termination of service. (A), Provision of leave. (C)</p> Signup and view all the answers

What is the broader context for changing the title of the position?

<p>To reflect evolving roles within the bank. (A)</p> Signup and view all the answers

What remains consistent with regard to the criteria set for Business Correspondents?

<p>Eligibility criteria and responsibilities. (B)</p> Signup and view all the answers

What is a primary characteristic of investment scams?

<p>Promises of high returns on fake investment schemes (C)</p> Signup and view all the answers

How do fraudsters commonly reach potential victims for investment scams?

<p>Via phone calls, social media, and websites (B)</p> Signup and view all the answers

What tactic do scammers use in government impersonation scams?

<p>Threatening victims with legal action, fines, or imprisonment (A)</p> Signup and view all the answers

Which organization is mentioned as being impersonated by scammers?

<p>Central Bureau of Investigation (CBI) (D)</p> Signup and view all the answers

What do fraudsters typically request from victims in both types of scams?

<p>Transferring funds to their accounts (C)</p> Signup and view all the answers

In which scenario are victims likely to be threatened with fines?

<p>In government impersonation scams (A)</p> Signup and view all the answers

What is a common method used by fraudsters to convince victims?

<p>Creating convincing websites (C)</p> Signup and view all the answers

Which statement best describes the nature of scams outlined?

<p>They often use threats or deception to manipulate victims. (D)</p> Signup and view all the answers

What is the primary focus of the circular dated 05.09.2024?

<p>Incentive scheme for business correspondents (D)</p> Signup and view all the answers

Which department is responsible for the incentive scheme mentioned in the circular?

<p>Corporate Social Responsibility Department (B)</p> Signup and view all the answers

What aspect of banking does the term 'mobilization of deposit' specifically refer to?

<p>Attracting new deposits into the bank (A)</p> Signup and view all the answers

Which group is explicitly mentioned as a target for the incentive scheme?

<p>Business Correspondents (C)</p> Signup and view all the answers

What is the intended outcome of the incentive scheme for Business Correspondents?

<p>To increase deposit mobilization in SBVA accounts (C)</p> Signup and view all the answers

In the context of the circular, what does SBVA stand for?

<p>Savings Bank Virtual Accounts (C)</p> Signup and view all the answers

Which of the following is least likely to be an aspect considered in the design of the incentive scheme?

<p>Ease of account opening for customers (A)</p> Signup and view all the answers

What is the date of the circular that discusses the incentive scheme?

<p>05.09.2024 (B)</p> Signup and view all the answers

Which of the following statements about the circular is correct?

<p>It outlines a scheme for mobilizing deposits. (B)</p> Signup and view all the answers

Which term in the circular refers to the contributors to deposit mobilization?

<p>Business Correspondents (A)</p> Signup and view all the answers

Flashcards

Monthly Gist of Circulars

A summary of important announcements presented in a concise format.

September 2024 Circulars

Specific circulars released in the month of September 2024.

Incentive Scheme for Business Correspondents

A plan to reward or motivate business correspondents for a specific action, like account mobilization.

Scheme of Incentive

A structured plan determining how a reward or bonus is distributed.

Signup and view all the flashcards

Account Deposits

Deposits of funds into financial accounts.

Signup and view all the flashcards

Business Correspondents

Individuals or entities acting as intermediaries in managing banking services for clients.

Signup and view all the flashcards

Financial Inclusion

Improving access to financial services for underserved populations.

Signup and view all the flashcards

Mobilization of deposits

Activity to encourage and gather funds into accounts.

Signup and view all the flashcards

Circulars

Official announcements conveying information or directives.

Signup and view all the flashcards

Incentive

A reward or motivation used to encourage specific actions.

Signup and view all the flashcards

Investment Scams

Fraudsters offer high returns on fake investment schemes to trick victims.

Signup and view all the flashcards

Government Impersonation

Scammers pose as government officials to pressure victims into transferring funds.

Signup and view all the flashcards

Investment Scheme

A fraudulent plan promising high returns on investments.

Signup and view all the flashcards

Victim

A person who is tricked into giving money to fraudsters.

Signup and view all the flashcards

Fraudster

Someone who deceives others to commit financial fraud.

Signup and view all the flashcards

Transfer Funds

To move money from one account to another (often to fraudsters).

Signup and view all the flashcards

High Returns

Unusually high profit promises.

Signup and view all the flashcards

Fake Investment Schemes

Fraudulent Plans to collect money falsely promising high returns

Signup and view all the flashcards

Re-KYC

The process of verifying customer identity and know-your-customer (KYC) information again, usually at specific intervals.

Signup and view all the flashcards

KYC documents

Documents required to verify a customer's identity and financial standing, such as proof of address, ID cards, and income statements.

Signup and view all the flashcards

Upload deadline

The specified date by which certain documents or information must be submitted electronically for processing.

Signup and view all the flashcards

Branch requirement

A specific instruction or rule that all branches of a financial institution must follow.

Signup and view all the flashcards

Individual versus non-individual accounts

Distinction between accounts held by a single person (individual) and those held by multiple people or entities (non-individual).

Signup and view all the flashcards

Name Mismatch

When the name on the card (e.g., PAN card) doesn't match the name in the bank records (e.g., ITR, Traces).

Signup and view all the flashcards

Verification

The process of confirming the authenticity and accuracy of information.

Signup and view all the flashcards

Discretional Acceptance

Allowing genuine cases of name mismatches by using judgment carefully.

Signup and view all the flashcards

Genuine Cases

Situations where name discrepancies happen unintentionally, not due to fraud.

Signup and view all the flashcards

Record Preservation & Services Department

The department responsible for managing, preserving, and destroying records in accordance with bank policies.

Signup and view all the flashcards

Document Handling

How documents are managed, processed, and stored within the bank, including rules for retention periods.

Signup and view all the flashcards

Resolve Name Mismatch

The bank's action to address discrepancies between the name on the card and bank records.

Signup and view all the flashcards

Records Digitization

The process of converting physical documents into digital formats for easier storage and access.

Signup and view all the flashcards

Retention Period

The length of time a record must be kept according to bank policy.

Signup and view all the flashcards

Integrated Document Handling Policy

A comprehensive set of rules outlining how all records in the bank are managed, including preservation, destruction, and digitization.

Signup and view all the flashcards

Nomenclature Change

The change of the title "Business Correspondent Supervisor" to "Business Correspondent"

Signup and view all the flashcards

Business Correspondent Supervisor

The person responsible for supervising and managing the business correspondent network. They are now called Business Correspondents.

Signup and view all the flashcards

Eligibility Criteria

The specific requirements that a business correspondent must meet to be selected to work with a bank.

Signup and view all the flashcards

Selection Process

The steps involved in choosing business correspondents based on eligibility criteria.

Signup and view all the flashcards

Performance Review

Regular evaluations of the business correspondent's effectiveness in providing services.

Signup and view all the flashcards

Termination of Service

The process of ending the agreement with a business correspondent.

Signup and view all the flashcards

Remuneration

The compensation or payment received by the business correspondent for their services.

Signup and view all the flashcards

Study Notes

Monthly Gist of Circulars

  • September 2024 edition for Baroda Apex Academy, Gandhinagar
  • Contains information from Baroda Apex Academy on various topics, including financial circulars, and important information
  • Includes links directly to various circulars for easier access

Audio Library

  • Baroda Gurukul provides access to audio format of important bank circulars and updates
  • Listen to the Gist in your free time and stay updated
  • Includes a path to access the audio library

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Past Paper - Mr. IW - September-2024 PDF

Description

Test your knowledge on KYC requirements and regulations that took effect after January 1, 2017. This quiz covers individual and non-individual accounts, the necessary documentation for account openings, as well as recent Re-KYC guidelines and deadlines. Get ready to evaluate your understanding of these important compliance measures!

More Like This

KYC Directions 2016 Overview
10 questions

KYC Directions 2016 Overview

LeanConcreteArt avatar
LeanConcreteArt
KYC Guidelines and Account Opening Process
48 questions

KYC Guidelines and Account Opening Process

BrightestMossAgate6803 avatar
BrightestMossAgate6803
KYC Standards and Money Laundering Quiz
48 questions

KYC Standards and Money Laundering Quiz

SleekRhyme avatar
SleekRhyme
Anti-Money Laundering and Level Two Accounts
45 questions

Anti-Money Laundering and Level Two Accounts

ExuberantDouglasFir3090 avatar
ExuberantDouglasFir3090
Use Quizgecko on...
Browser
Open
Browser
Browser