Q. When was the Prevention of Money Laundering Act (PMLA) 2002 brought into force?

View solution

Q. What are the objectives of the Prevention of Money Laundering Act (PMLA)?

View solution

Q. According to Reserve Bank of India (RBI) guidelines, what transactions should banks and financial institutions maintain records of?

View solution

Q. What constitutes a suspicious transaction in insurance?

View solution

Q. Which of the following is NOT listed as an example of a suspicious transaction in insurance?

View solution

Q. What action should be taken if there is a suspicion of a transaction being involved in illegal activity?

View solution

Q. What is the purpose of analysing suspicious transactions and taking immediate action?

View solution

Q. What is the primary objective of KYC processes?

View solution

Q. Which of the following is NOT a purpose of collecting detailed customer information?

View solution

Q. What are the typical documents accepted as photo identity proof during the KYC process?

View solution

Q. What can KYC deficiencies lead to?

View solution

Q. What documents are typically accepted as address proof by insurance companies?

View solution

Q. Can a Passport be used as both photo ID proof and address proof?

View solution

Q. What is the purpose of the KYC process in insurance?

View solution

Q. Why is it important for insurance companies to verify the identity of their customers thoroughly?

View solution

Q. What legislative measures address the issue of customer identity verification in insurance?

View solution

Q. How are KYC norms applied in risk management?

View solution

Q. What are examples of low-risk customers in insurance?

View solution

Q. Which category of customers poses an inherently higher than average risk to insurance companies?

View solution

Q. Why does diligence in identification need to be of high order in the case of high-risk customers?

View solution