Question

What do Know Your Customer (KYC) norms aim to achieve?

a.

To facilitate money laundering

b.

To prevent illegal activities

c.

To promote illegal arms trade

d.

To encourage drug trafficking

Posted under IC 14 Regulations of Insurance Business

Answer: (b).To prevent illegal activities Explanation:Know Your Customer (KYC) norms aim to prevent illegal activities by ensuring that financial institutions have proper identification and verification processes for their customers. This helps in detecting and preventing money laundering activities.

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Q. What do Know Your Customer (KYC) norms aim to achieve?
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