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Question 1 of 20
1. Question
In the context of kyc identity, which option is the most accurate?
Correct
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 2 of 20
2. Question
During an audit, a reviewer checks the branch‘s handling of kyc identity. Which practice is compliant?
Correct
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 3 of 20
3. Question
Which of the following is the soundest operational approach to kyc identity?
Correct
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 4 of 20
4. Question
A transaction raises a question concerning kyc identity. Which principle should guide the bank?
Correct
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 5 of 20
5. Question
Which statement about kyc identity is correct?
Correct
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Reliable, independent identity evidence. KYC is intended to establish and verify the customer‘s identity and understand the relationship. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 6 of 20
6. Question
A customer visits a branch with a request relating to beneficial owner. Which response is appropriate?
Correct
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 7 of 20
7. Question
A JAIIB candidate is asked about beneficial owner. Which answer should be selected?
Correct
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 8 of 20
8. Question
A new officer must apply the rules for beneficial owner. Which action is correct?
Correct
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 9 of 20
9. Question
A bank must handle a case involving beneficial owner. What should it do?
Correct
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 10 of 20
10. Question
Which option best describes the rule an officer should apply to beneficial owner?
Correct
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The natural person(s) who ultimately own or control it. Beneficial ownership looks through the entity to the natural person(s) who ultimately own or control it. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 11 of 20
11. Question
In the context of periodic kyc update, which option is the most accurate?
Correct
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 12 of 20
12. Question
During an audit, a reviewer checks the branch‘s handling of periodic kyc update. Which practice is compliant?
Correct
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 13 of 20
13. Question
Which of the following is the soundest operational approach to periodic kyc update?
Correct
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 14 of 20
14. Question
A transaction raises a question concerning periodic kyc update. Which principle should guide the bank?
Correct
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 15 of 20
15. Question
Which statement about periodic kyc update is correct?
Correct
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: The prescribed risk-based periodicity. KYC is not a one-time formality; periodic updates follow prescribed requirements and risk classification. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 16 of 20
16. Question
A customer visits a branch with a request relating to customer due diligence. Which response is appropriate?
Correct
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 17 of 20
17. Question
A JAIIB candidate is asked about customer due diligence. Which answer should be selected?
Correct
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 18 of 20
18. Question
A new officer must apply the rules for customer due diligence. Which action is correct?
Correct
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 19 of 20
19. Question
A bank must handle a case involving customer due diligence. What should it do?
Correct
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 20 of 20
20. Question
Which option best describes the rule an officer should apply to customer due diligence?
Correct
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Identity verification, relationship purpose and appropriate ongoing monitoring. CDD is broader than collecting a signature or photograph. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.