One of the major challenges banking industry is facing these days is deliberate efforts of some people to bring money earned through illegal activities in circulation. Which of the following acts has been passed to prevent this activity?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Payment and Settlements Act
B	Banking Regulation Act
C	Negotiable Instruments Act
D	Prevention of Money Laundering Act

Explanation:

Detailed explanation-1: -Security Breaches With a series of high-profile breaches over the past few years, security is one of the leading banking industry challenges, as well as a major concern for bank and credit union customers.

Detailed explanation-2: -KYC stands for Know Your Customers. Money laundering is one of the major challenges faced by banking companies. Know Your Customers norms are launched by the banks to prevent money laundering in general. KYC verifies the identity and other details of the customer.

Detailed explanation-3: -The Act and Rules notified there under impose obligation on banking companies, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information in prescribed form to Financial Intelligence Unit-India (FIU-IND).

There is 1 question to complete.