Automated workflows strengthen and add value to your AML/KYC processes, improve day-to-day risk operations, and reduce costs, while simultaneously maintaining compliance. The quiz below is designed to test out what you know about preventing money laundering. and/or address of such customers the banks may ask such customers to submit only a self-certification about ‘no-change in status’ at the time of periodic updation. Question 6. A copy of the marriage certificate issued by the State Government or Gazette notification indicating change in name together with a certified copy of the ‘Officially Valid Documents’ in the prior name of the person is to be furnished for opening of account in cases of persons who change their names on account of marriage or otherwise. However, instructions to make payment by debit to customers’ accounts or against cheques for remittance of funds/issue of travellers’ cheques, sale of gold/silver/platinum and the requirement of quoting PAN number for transactions of Rs.50,000 and above will be applicable to purchase of third party products from bank by its customers as also to walk-in customers. Are Banks Required To Categorise Their Customers Based On Risk Assessment? When onboarding a new customer or if the customer activities substantially change, an analysis of the source of funds and risk associated with those funds is prudent and, in most countries, a legal requirement. IIBF AML KYC Mock Test Series 2020: Practice free online IIBF AML (Anti Money Laundering) and KYC (Know Your Customer) model exam question paper with answers … Do Banks Inform Customers About This Risk Categorisation? How Does E-kyc Work? Question 12. You can open a bank account in Chennai even if the address in the “Officially Valid Document” is that of New Delhi and you do not have a proof of address for your Chennai address. KYC exercise will not be necessary for bank’s own customers for purchasing third party products. If you do not provide your KYC documents at the time of periodic updation, bank has the option to close your account. Yes, all customers who do not have accounts with the bank (known as walk-in customers) have to produce proof of identity and address while purchasing third party products from banks if the transaction is for Rs.50,000 and above. The primary objectives of the Anti-money laundering and know your customer (AML-KYC) Exam is to provide advanced knowledge and understanding in AML / KYC standards and to develop the professional competence of employees of banks and financial institutions. Sorry for the inconvenience caused ! Question 10. If our main Purpose here is the KYC Policy then 'a Customer' can be defined as: Someone who maintains his/her account and/or has a business relationship with the bank; Or say the one on whose behalf the account is maintained (i.e. Since debit cards are issued only to account holders and accounts are opened only after the KYC procedure is completed, there is no need for separate KYC for issuing debit card. Handling these complex compliance procedures via slow, manual processes add up to inefficient use of valuable resources, duplication of efforts and increase of errors. Reply Delete. ... KYC me “Know Your Customer”. While KYC laws differ from country to country, the general principle involves collecting enough information to properly identify an individual and ensure that their activities are legitimate. Customer due diligence (CDD) is a critical element of effectively managing your organizations risks and protecting it against potential financial crimes and nefarious activities. Do you have employment gaps in your resume? From Fortune 500s to SMBs, we help businesses meet compliance, reduce fraud and build trusted relationships with customers. According to the FATF, “beneficial owner refers to the natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. KYC exercise needs to be done for all those who want to make domestic remittances of Rs. Do I Need To Submit Kyc Documents To The Bank While Purchasing Third Party Products (like Insurance Or Mutual Fund Products) From Banks? Documents for KYC to prepare well for the upcoming exam automated workflows strengthen and add value your. The money laundering of debiting the Customer 's account or against Cheques choose your Answers the... India Pvt to your AML/KYC processes, improve day-to-day risk operations, photograph! Business with guidance notes issued by foreign Embassy or Mission in India preventing... 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