BUISENESS MANAGEMENT
RISK MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Appraising authority
|
|
|
Sanctioning authority
|
|
|
RBO
|
|
|
LHO
|
Detailed explanation-1: -Banks should ensure that appropriate KYC procedures are duly applied before issuing the cards to the customers.
Detailed explanation-2: -The bank’s senior management is responsible for establishing a permanent and effective compliance function within the bank as part of the bank’s compliance policy.
Detailed explanation-3: -KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification. Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud. KYC compliance responsibility rests with the banks.
Detailed explanation-4: -a) The Board of Directors of the bank should ensure that an effective KYC programme is put in place by establishing appropriate procedures and ensuring their effective implementation.