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Aml Answer Sheet

This document discusses key concepts related to anti-money laundering regulations and procedures that banks must follow, including customer due diligence, know your customer identification and verification, suspicious transaction reporting, record keeping, and the stages and objectives of money laundering. It provides definitions and examples of terms like beneficial owner, red flag indicators, smurfing, integration and layering stages. It also lists acceptable identity documents and addresses obligations of banks under the Prevention of Money Laundering Act.

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Vasu Deva
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1K views

Aml Answer Sheet

This document discusses key concepts related to anti-money laundering regulations and procedures that banks must follow, including customer due diligence, know your customer identification and verification, suspicious transaction reporting, record keeping, and the stages and objectives of money laundering. It provides definitions and examples of terms like beneficial owner, red flag indicators, smurfing, integration and layering stages. It also lists acceptable identity documents and addresses obligations of banks under the Prevention of Money Laundering Act.

Uploaded by

Vasu Deva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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As per Regulation, periodic KYC updation for high risk customers should be done

Which of the following transactions requires an enhanced due diligence to determine whether
Smurfing is a method adopted to
Photo debit card of the customer is used for
Informing or communicating to customers or any other third party (directly or indirectly) that
This is not a step in the money laundering process:
PMLA imposes the following obligations on banks:
Which of the following is not a source of illegal money
The suspicious activity with respect to AML can be reported through which option in ICICI
The beneficial owner of a legal person is defined as
Comparing the copy of the OVD submitted by the customer with the original OVD document an
Two of the elements of ICICI Group AML Policy are
This document is accepted as an identity proof at the time of opening the account

Money laundering Risk does not include which of the following


Transactions that are inconsistent with the customer's known legitimate activities or nature of
Customer identification procedures fall under which aspect of regulation
A bank account is opened in the name of 'X' with full KYC of 'X'. 'X' later sells his account t
Branches may open accounts for those customers who are not able to provide KYC documents,
Customer transaction records need to be retained for how many years as per the PMLA
At this stage, money laundering is relatively easy to detect
Beneficial Owner
Placement stage is when cash is channeled into
Illegal activity where stacks of gold, cash, jewellery or even rare stamps are moved from place
As per Regulation, KYC updation for low risk customers should be done
There can be more than one red flag indicators in a transaction
At the integration stage of the money laundering process
The stage of money laundering which attempts to distance the funds from their illegal source
ICICI Group AML policy is applicable to all activities of the bank including its SBU's in Ind
Adequate diligence is the fundamental requirement for any business transaction
Use of multiple cash deposits each smaller than the minimum cash reporting requirement is c
PAN card issued by income tax department is an Officially Valid Document (OVD)
Proof of possession of Aadhaar number by a prospective customer is acceptable as an Offi
Money laundering is
Central National Agency set up by the government which is responsible for receiving, process
It is relatively very difficult to detect money laundering at this stage

Customer due diligence is an approach taken by the bank to


Screening the names of all existing and proposed customers to ensure that their names do not
Which of the following is not considered to be a suspicious money laundering indicator
Transactions undertaken for non-account holders which exceeding Rs.50,000/- or which is an
Which of these is a suspicious transaction
Fresh proof of address shall not be sought at the time of Periodic Updation (Re-KYC) for ____
In which type of companies, identification & verification of beneficial owner is not necessar
A person who undertakes transactions with the Bank but does not hold a bank account is call
The following document is NOT acceptable as an Officially Valid Document (OVD)
Consequences of money laundering are
The primarily AML legislation in India is the
What are the key Anti Money Laundering objectives of ICICI bank
As per PMLA, tipping off is an offence and the employees should be cautious not to violate th
An indicator of unusual customer transaction or activity is called
Which of these is a suspicious transaction
at least once in 2 years
Frequent large value cash transactions in the bank account of a salaried person
avoid regulatory reporting requirements
Not an acceptable OVD
Tipping Off
Recovery stage
All Option
Charity
Report a Suspicion
1,2,3
Certified Copy
Both of the above
Driving license

Unusual transactions
Know your customer Regulations
A money mule account
₹1 Lakh
5 years from date of transaction
Placement stage
is always a natural person
Banks & Financial Institutions
Smuggling
at least once in 10 years

Layering
1
1
Smurfing
0
1

FIU-IND
Integration
Identify and verify customers and
beneficial owner
Combating Financing of Terrorism
Monthly salary credits in bank account
0
Customer makes or receives huge deposits or remittances which exceed his/her annual income
Low risk customers
Listed Companies
Walk in Customer
Ration Card
1,2
PMLA
1,2
1
Red Flag Indicator
Customer makes or receives huge deposits or remittances which exceed his/her annual income
nsactions in the bank account of a salaried person
quirements

None of the above

Illegal funds are moved back into the economy disguised as legitimate funds

Converting illegal funds and assets into legitimate funds and assets
huge deposits or remittances which exceed his/her annual income

huge deposits or remittances which exceed his/her annual income

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