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  • Aml Answer Sheet

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    Vasu Deva
    696 views6 pages
    This document discusses key concepts related to anti-money laundering regulations and procedures that banks must follow, including customer due diligence, know your customer identification and verification, suspicious transaction reporting, record keeping, and the stages and objectives of money laundering. It provides definitions and examples of terms like beneficial owner, red flag indicators, smurfing, integration and layering stages. It also lists acceptable identity documents and addresses obligations of banks under the Prevention of Money Laundering Act.

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    This document discusses key concepts related to anti-money laundering regulations and procedures that banks must follow, including customer due diligence, know your customer identification and verification, suspicious transaction reporting, record keeping, and the stages and objectives of money laundering. It provides definitions and examples of terms like beneficial owner, red flag indicators, smurfing, integration and layering stages. It also lists acceptable identity documents and addresses obligations of banks under the Prevention of Money Laundering Act.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    696 views6 pages

    Aml Answer Sheet

    Uploaded by

    Vasu Deva
    This document discusses key concepts related to anti-money laundering regulations and procedures that banks must follow, including customer due diligence, know your customer identification and verification, suspicious transaction reporting, record keeping, and the stages and objectives of money laundering. It provides definitions and examples of terms like beneficial owner, red flag indicators, smurfing, integration and layering stages. It also lists acceptable identity documents and addresses obligations of banks under the Prevention of Money Laundering Act.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 6

    As per Regulation, periodic KYC updation for high risk customers should be done

    Which of the following transactions requires an enhanced due diligence to determine whether
    Smurfing is a method adopted to
    Photo debit card of the customer is used for
    Informing or communicating to customers or any other third party (directly or indirectly) that
    This is not a step in the money laundering process:
    PMLA imposes the following obligations on banks:
    Which of the following is not a source of illegal money
    The suspicious activity with respect to AML can be reported through which option in ICICI
    The beneficial owner of a legal person is defined as
    Comparing the copy of the OVD submitted by the customer with the original OVD document an
    Two of the elements of ICICI Group AML Policy are
    This document is accepted as an identity proof at the time of opening the account

    Money laundering Risk does not include which of the following


    Transactions that are inconsistent with the customer's known legitimate activities or nature of
    Customer identification procedures fall under which aspect of regulation
    A bank account is opened in the name of 'X' with full KYC of 'X'. 'X' later sells his account t
    Branches may open accounts for those customers who are not able to provide KYC documents,
    Customer transaction records need to be retained for how many years as per the PMLA
    At this stage, money laundering is relatively easy to detect
    Beneficial Owner
    Placement stage is when cash is channeled into
    Illegal activity where stacks of gold, cash, jewellery or even rare stamps are moved from place
    As per Regulation, KYC updation for low risk customers should be done
    There can be more than one red flag indicators in a transaction
    At the integration stage of the money laundering process
    The stage of money laundering which attempts to distance the funds from their illegal source
    ICICI Group AML policy is applicable to all activities of the bank including its SBU's in Ind
    Adequate diligence is the fundamental requirement for any business transaction
    Use of multiple cash deposits each smaller than the minimum cash reporting requirement is c
    PAN card issued by income tax department is an Officially Valid Document (OVD)
    Proof of possession of Aadhaar number by a prospective customer is acceptable as an Offi
    Money laundering is
    Central National Agency set up by the government which is responsible for receiving, process
    It is relatively very difficult to detect money laundering at this stage

    Customer due diligence is an approach taken by the bank to


    Screening the names of all existing and proposed customers to ensure that their names do not
    Which of the following is not considered to be a suspicious money laundering indicator
    Transactions undertaken for non-account holders which exceeding Rs.50,000/- or which is an
    Which of these is a suspicious transaction
    Fresh proof of address shall not be sought at the time of Periodic Updation (Re-KYC) for ____
    In which type of companies, identification & verification of beneficial owner is not necessar
    A person who undertakes transactions with the Bank but does not hold a bank account is call
    The following document is NOT acceptable as an Officially Valid Document (OVD)
    Consequences of money laundering are
    The primarily AML legislation in India is the
    What are the key Anti Money Laundering objectives of ICICI bank
    As per PMLA, tipping off is an offence and the employees should be cautious not to violate th
    An indicator of unusual customer transaction or activity is called
    Which of these is a suspicious transaction
    at least once in 2 years
    Frequent large value cash transactions in the bank account of a salaried person
    avoid regulatory reporting requirements
    Not an acceptable OVD
    Tipping Off
    Recovery stage
    All Option
    Charity
    Report a Suspicion
    1,2,3
    Certified Copy
    Both of the above
    Driving license

    Unusual transactions
    Know your customer Regulations
    A money mule account
    ₹1 Lakh
    5 years from date of transaction
    Placement stage
    is always a natural person
    Banks & Financial Institutions
    Smuggling
    at least once in 10 years

    Layering
    1
    1
    Smurfing
    0
    1

    FIU-IND
    Integration
    Identify and verify customers and
    beneficial owner
    Combating Financing of Terrorism
    Monthly salary credits in bank account
    0
    Customer makes or receives huge deposits or remittances which exceed his/her annual income
    Low risk customers
    Listed Companies
    Walk in Customer
    Ration Card
    1,2
    PMLA
    1,2
    1
    Red Flag Indicator
    Customer makes or receives huge deposits or remittances which exceed his/her annual income
    nsactions in the bank account of a salaried person
    quirements

    None of the above

    Illegal funds are moved back into the economy disguised as legitimate funds

    Converting illegal funds and assets into legitimate funds and assets
    huge deposits or remittances which exceed his/her annual income

    huge deposits or remittances which exceed his/her annual income

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