AML KYC Compliance Officer Test Set 1

1. Money Laundering refers to ____________.

A. Tansfer of assets/cash from one account to another

B. Conversion of illegal money through banking channels

C. Conversion of cash into gold for hoarding

D. Conversion of assets into cash to avoid income tax

2. In case of societies, the important document to be verified is ____________.

A. Copy of bye laws

B. Certificate given by ROC

C. Certificate given by the Local Authorities

D. No document is to be verified in case of societies, as societies are exempted by Registrar

3. PAN (Permanent Account Number) is compulsory for Fixed Deposits, Remittances like DDs/TTs/RTCs, etc ____________.

A. if the amount exceeds Rs.10,000

B. if the amount exceeds Rs.25,000

C. if the amount exceeds Rs 50,000

D. no such limit is fixed by income tax authorities

4. Dormant/ in operative account means ____________.

A. No debits/credits in account for a certain period

B. Dead Account without any operation for long

C. No debit entries, but certain credit entries for a certain period

D. Fixed asset account of the bank

5. While opening an account of a Public Limited company, which of the following is a must?

A. Introduction by a customer known to the banker

B. Certificate of incorporation/Certificate of commencement of business

C. Introduction by ROC

D. None of the above

Answer: 1 (B), 2 (A), 3 (C), 4 (A), 5 (B)

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