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 the popular name of the norms by which a bank satisfies itself about the customer’s identity and activities?
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Basel norms
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KYC norms
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Service norms
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Lending norms
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Explanation:
Detailed explanation-1: -KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.
Detailed explanation-2: -The objective of KYC/AML/CFT guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities.
Detailed explanation-3: -For the purpose of KYC policy a ‘customer” may be defined as: A person or entity that maintains an account and/or has a business relationship with the bank; One on whose behalf the account is maintained (i.e. the beneficial owner);
There is 1 question to complete.