Question
According to RBI’s KYC/AML guidelines, what framework
must Regulated Entities (REs) adopt to effectively identify, assess, and manage risks of money laundering (ML) and terrorist financing (TF)?Solution
• RBI requires banks, NBFCs, and other Regulated Entities (REs) to adopt a Risk-Based Approach (RBA) for combating ML/TF risks. • Under RBA, institutions must: o Identify risks related to customers, products, services, and geographies. o Assess and categorize customers into low, medium, or high risk. o Apply enhanced due diligence (EDD) for high-risk customers (e.g., PEPs, cross-border clients). o Monitor transactions proportionately to the level of assessed risk. • This ensures efficient allocation of compliance resources and strengthens the AML/CFT framework.
Under which article of the Indian Constitution is the Consolidated Fund of India created?
Which is the first Indian state to pass the Lokayukta Act?
Panchayati Raj was introduced in the country in?
From which country was the concept of Fundamental Duties in the Indian Constitution borrowed?
Which article of the Indian Constitution cannot be suspended even during a national emergency?Â
Which of the following amendments to the Indian Constitution is known as the 'Mini-Constitution'?
During the Gupta Period, what were gold coins called?
The concept of ‘Judicial Review’ in India is borrowed from which country's constitution.
Financial emergency provisions in the Indian Constitution are borrowed from the constitution of which country?
The minimum period permissible between two sessions of Parliaments is
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