KYC Self-Declaration Questionnaire is to be conducted on new counterparty as in-house due diligence before concluding a transaction and not necessarily have a periodical due diligence.

RISK MANAGEMENT

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

A	True
B	False
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -The KYC process is usually carried out by financial institutions when opening new accounts with online users. Inherent within KYC is the notion of customer due diligence (CDD) which usually involves background checks to assess the risk they pose, before dealing with them.

Detailed explanation-2: -Enhance Due Diligence In Banking EDD in banking is a critical component of the KYC compliance procedure. It entails gathering information to authenticate clients’ identities and quantify the amount of money laundering risk each customer poses.

Detailed explanation-3: -The ultimate responsibility for customer due diligence will be with the bank. xii) All accounts opened through V-CIP shall be made operational only after being subject to concurrent audit, to ensure the integrity of process and its acceptability of the outcome.

Detailed explanation-4: -Customer due diligence (CDD) is required of any business that interacts with customers and is covered by know your customer (KYC) and anti-money laundering (AML) regulations. Its purpose is to prevent financial crime and uncover any risks to your organization that could arise from doing business with certain customers.

There is 1 question to complete.

BUISENESS MANAGEMENT

RISK MANAGEMENT