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Questions and Answers

Who can act as a trustee according to the guidelines provided?

  • An authorized person without any legal document
  • A trustee as permitted by the Trust Deed (correct)
  • A signatory of the bank
  • An individual without a trust deed

    • What is NOT required from an individual when establishing an account-based relationship?

  • Proof of income for the last three years (correct)
  • KYC Identifier with explicit consent
  • Certified copy of an OVD
  • One recent colored photograph

    • What document must accompany the application when a partnership deed is involved?

  • Individual tax forms for each partner
  • Previous partnership agreements
  • A letter of partnership signed by all partners (correct)
  • A letter of intent from the partnership

    • Which piece of information is essential for the Customer Due Diligence (CDD) process?

    <p>Recent colored photograph</p> Signup and view all the answers

    When can a bank perform Aadhaar authentication for an individual?

    <p>If the individual volunteers to provide Aadhaar for identification</p> Signup and view all the answers

    What is the role of the KYC Identifier in the Customer Identification Procedure?

    <p>To retrieve KYC records from the CKYCR</p> Signup and view all the answers

    Which of the following can be considered an Official Valid Document (OVD) for customer identification?

    <p>Government-issued identity card</p> Signup and view all the answers

    Which statement about the power of attorney holder's role in the account operation is correct?

    <p>They need a properly executed power of attorney document</p> Signup and view all the answers

    Which of the following is necessary for verifying the identity of natural person customers?

    <p>A valid ID and address proof.</p> Signup and view all the answers

    What should banks verify to confirm the legal status of a legal person or entity?

    <p>The business incorporation documents.</p> Signup and view all the answers

    What action should be taken when there is doubt about the authenticity of customer identification data?

    <p>Obtain additional identification information.</p> Signup and view all the answers

    In which situation is customer identification not required?

    <p>When selling bank products to existing account holders.</p> Signup and view all the answers

    What is the primary purpose of understanding the ownership and control structure of a legal person?

    <p>To identify the beneficial owner of the legal person.</p> Signup and view all the answers

    When should a bank ensure that introduction is not sought while opening an account?

    <p>When establishing an account-based relationship.</p> Signup and view all the answers

    What is the role of third-party customer due diligence regarding identity verification?

    <p>It can be relied upon under certain conditions.</p> Signup and view all the answers

    What is the significance of identifying beneficial owners in customer identification?

    <p>It ensures compliance with regulatory requirements.</p> Signup and view all the answers

    What is the primary purpose of Customer Due Diligence (CDD)?

    <p>To identify and verify the customer and beneficial owner.</p> Signup and view all the answers

    What does 'Walk-in Customer' refer to?

    <p>A person who does not have an account but conducts transactions with the bank.</p> Signup and view all the answers

    Which process is used for video-based customer identification?

    <p>V-CIP involving audio-visual interaction.</p> Signup and view all the answers

    What is the Unique Customer Identification Code (UCIC)?

    <p>A unique ID assigned to each customer for account management.</p> Signup and view all the answers

    What does Common Reporting Standards (CRS) entail?

    <p>Standards for automatically exchanging tax-related information.</p> Signup and view all the answers

    An authorized official conducting V-CIP must ensure what?

    <p>Compliance with prescribed standards and procedures.</p> Signup and view all the answers

    Which of the following is NOT considered a fiduciary relationship?

    <p>Establishing a safety deposit box.</p> Signup and view all the answers

    What is a key component of the customer identification process?

    <p>Obtaining customer identification information.</p> Signup and view all the answers

    Study Notes

    KYC and AML Policy

    • This document outlines the Know Your Customer (KYC) and Anti-Money Laundering (AML) policy for TJSB Sahakari Bank Ltd.
    • The policy is for internal use only.
    • The policy's version is 1.0, and was last reviewed on March 28, 2023.
    • The policy was updated to comply with RBI Master Circular and guidelines up to October 17, 2023

    Policy Governance

    • The policy is governed annually.
    • The approval path includes the Board of Management, Audit & Ethics, and the Board.

    Policy Custodian

    • The policy is maintained by the Operations Department
    • The officer-in-charge is the Operations Head.

    Policy Version Control

    • The current version is 1.0 of the KYC and AML Policy for 2023-24.
    • The version date is March 28, 2023.

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    KYC and AML Policy 2023-24 PDF

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