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Note: Though we had taken enough care to go through the questions, we advise
everyone to update oneself with the latest information through RBI website and
other authenticated sources.
November 2021
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IIBF AML KYC MOCK TEST
Solve the test sincerely and refrain yourself from cheating. Because when you
attempt the questions without looking up the answers before-hand then you will be
able to remember the answers get very high.
Try to solve the given mock test of within 15 Minutes & then, can check your
answers from the answer key provided at the last of this article!!
No. QUESTIONS
What does CFT stands for under KYC/AML regulations?
a) Combating the financing of terrorism
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b) Calculating financial terrorism
c) Committee on financial terrorism
d) Commission on financial terrorism
The amount beyond which cash transactions (in respect of both Receipts &
Payments) are to be monitored by the Commercial Banks as stipulated by the
Reserve Bank of India in its guidelines is __________.
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a) Rs.5,00,000.00 & above
b) Rs.8,00,000.00 & above
c) Rs.10,00,000.00 & above
d) There is no such limit
Due diligence is done when an account is opened to enable the banks so as to
ensure:
a) the identification of the customer at the time of account opening
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b) correctness of the various denominations of notes that are given by the
customers while an account is opened
c) authenticity of the signatures of the customer at the time of account opening
d) speeding up the process of opening of accounts the new customers
While opening an account of a partnership firm, one of the vital document
4 that is to be produced by the partnership firm is which of the following
documents?
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b) Partnership Deed
c) Registration certificate of Partnership Firm
d) Signatures of all the partners
Cash cannot be accepted for the issue of Demand Deposits/TTs/Rupee TCs
from the customers for Rs. ______.
5 a) Rs.50,000.00 & above
b) Rs.75,000.00 & above
c) Rs.1,00,000.00 & above
d) Rs.1,50,000.00 & above
The principal AML – (Anti-Money Laundering) responsibility of a financial
institution is to ensure what of the following?
a) that the proper due diligence is done at time of account opening
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b) that the proper due diligence is done at the time of account opening and the
customer and his/her account(s) is/are properly monitored
c) the customer and his/her account(s) is/are properly monitored
d) None of the above
What refers to the reinjection of the laundered proceeds back into the
economy in such a way so that they re-enter as normal business funds into the
financial system?
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a) Layering
b) Placement
c) Integration
d) Smurfing
Under KYC norms Banks should prepare a profile for?
a) each new customer based on categorisation of risk.
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b) each new customer based on constitution.
c) each new customer based on financial status.
d) each new customer based on own funds.
One of the possible steps required to be undertaken while opening NRI
account by the bank branch is which of the following?
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a) Authentication or verification of signature by the Indian Embassy
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b) Authentication or verification of signature that are made by the relatives of
Non-Resident Indians in India
c) Authentication or verification of signature made by friends of the Non-
Resident Indians who are staying abroad
d) All of the above
Which of the following document is a basic document, on the basis of which
KYC guidelines have been issued?
10 a) Financial Action Task Force & Anti-money laundering standards
b) USA Patriot Act
c) UNO Resolution on Iraq war
d) None of the above document
Correspondent banking is which of the following options:
a) the provision of depository services by one bank (i.e the correspondent
bank) to another bank (known as the respondent bank)
b) the provision of money market services by one bank (the correspondent
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bank) to the another bank (the respondent bank)
c) the provision of capital market services by one bank (the correspondent
bank) to the another bank (the respondent bank)
d) the provision of banking services by one bank (the correspondent bank) to
the another bank (the respondent bank)
Which of the following transaction(s) is/are not consistent with a salaried
customers account who is employed in India?
a) Frequent deposits of cash in large sums by 3rd parties
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b) Deposit of cheques that are issued by foreign companies
c) High value transactions routed through his/her account with high
frequency
d) All of the above transactions
The four key elements of Know Your Customer policy in the context of
recommendations of Financial Action Task Force (FATF) and instructed by
Reserve Bank of India are?
13
a) Customer Acceptance Policy, Customer Identification, Procedure,
Monitoring of Transactions and Reporting of Transactions
b) Customer Acceptance Policy, Customer Identification Procedure,
Monitoring of Transactions and Risk Management
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c) Customer Acceptance policy, Monitoring of Transactions, Reporting of
Transactions and Risk Management
d) Customer Acceptance Procedure, Monitoring of High value Transactions,
Customer Identification Policy and Risk Management
Which of the following are the unusual activities in respect of customers
account?
a) Opening of bank account at a place other than the place of work
14 b) Frequent deposits of large amounts of money that bear the labels of other
banks into the bank account
c) Request for the closure of newly opened accounts where high value
transactions are routed through
d) All of the above activities
Strict adherence to KYC norms is achieved through which of the following
activities or guidelines?
a) following the guidelines of statutory authority
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b) identification of customers with the appropriate documents
c) strict implementation of the Banking Systems & procedures while opening
the accounts of customers
d) All of the above
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ANSWER KEY
1 a 9 a
2 c 10 a
3 a 11 d
4 b 12 d
5 a 13 b
6 b 14 d
7 c 15 d
8 a - -
You can find other mock tests available on IIBF AML/KYC Exam on our website
& you can even attempt them online & get the answers right away. There are a total
of 5 Mock Tests free of cost you can attempt when you sign up @iibf.info
Thanks,
May you have success in your exam!!!
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You can also avail the Festival Offer of 20% Discount that is running on our Combo
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You can also avail our study material (Video lectures) on AML KYC. This study
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