Question
Which of the following conditions must be satisfied for
a Regulated Entity (RE) to rely on third-party customer due diligence (CDD) under RBI’s KYC/AML framework?Solution
RBI permits reliance on third-party CDD to reduce duplication, but only under strict safeguards: 1. Immediate access to records: The RE must be able to access customer details without delay. 2. Regulated third party: The third party must be subject to regulation and supervision under the PMLA (Prevention of Money Laundering Act) and related guidelines. 3. Jurisdictional safeguards: The third party must not be located in a high-risk country/jurisdiction identified by FATF. 4. Verification: The RE must independently ensure that identification data and other relevant information are available and authentic. Therefore, the correct answer is All of the above.
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