Question

What is the purpose of setting up Financial Intelligence Units (FIUs) in various jurisdictions?

a.

To facilitate money laundering processes

b.

To analyze financial transactions

c.

To aid in investigations on money laundering and terrorist financing

d.

To promote transparency in financial systems

Answer: (c).To aid in investigations on money laundering and terrorist financing Explanation:The purpose of setting up Financial Intelligence Units (FIUs) in various jurisdictions is to aid in investigations on money laundering and terrorist financing. FIUs serve as centralized units to have a macro-level view of all transactions in the financial system, facilitating the detection and prevention of illicit financial activities.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the purpose of setting up Financial Intelligence Units (FIUs) in various jurisdictions?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the obligation of financial institutions regarding reporting to the Financial Intelligence Unit in India (FIU-IND)?

Q. How long are records of transactions reported to the FIU required to be retained by insurance companies?

Q. What are the record-keeping requirements for customer identification data according to AML guidelines?

Q. Why is it important for insurance companies to have adequate screening procedures when hiring employees and agents?

Q. What is the role of employees and agents in effective compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) programs?

Q. Why is it important for employees and agents to be properly trained on AML/CFT?

Q. How are premiums typically collected by insurance companies in India?

Q. What is premium in the context of insurance?

Q. When is the premium typically paid by the insured?

Q. What factors generally influence the insurance premium?

Q. According to IRDA regulations, what are the approved methods for premium payment?

Q. According to Section 64 VB of the Insurance Act, when does the risk on the part of the insurer begin?

Q. What happens if the premium is not realized by the insurer for a general insurance policy?

Q. How is the treatment of non-realization of premium different for life insurance policies compared to general insurance policies?

Q. What does Section 64 VB of the Insurance Act specify regarding assumption of risk by insurers?

Q. What provision does Section 64 VB (2) of the Insurance Act make regarding the assumption of risk by insurers when dealing with non-realizable premiums?

Q. How do IRDA regulations address the issue of non-realized premiums for general insurance policies?

Q. How does the Motor Vehicles Act affect insurers' obligations regarding non-realized premiums?

Q. In what circumstances is the full premium required to be paid before the commencement of risk for a specific policy?

Q. In which cases are there relaxations to the provisions of Section 64VB of the Insurance Act?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!