BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is not the key element of the KYC Policy?
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Customer Acceptance Policy
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Customer Identification Procedures
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Monitoring of Transactions
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None of the Above
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Explanation:
Detailed explanation-1: -The KYC Policy consists of the following four key elements: 1) Customer Acceptance Policy 2) Customer Identification Procedures 3) Monitoring of Transactions 4) Risk Management.
Detailed explanation-2: -Customer Acceptance Policy; Customer Identification Procedures; Monitoring of Transactions; and. Risk Management.
Detailed explanation-3: -Customer identification is an essential element of KYC standards. A customer can be: The person or entity that maintains an account with the firm or those on whose behalf an account is maintained (i.e. beneficial owners)
There is 1 question to complete.