New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    KYC used in the Banks in India, the main aim for using

    KYC in bank is_____
    A It is used by the central bank to control liquidity Correct Answer Incorrect Answer
    B It is used for increasing the CRR of banks Correct Answer Incorrect Answer
    C It is used for customer identification Correct Answer Incorrect Answer
    D It is used against money laundering Correct Answer Incorrect Answer
    E Both 3 and 4 Correct Answer Incorrect Answer

    Solution

    Know your customer (KYC) is the process of a business verifying the identity of its clients. Know your customer policies are becoming much more important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.

    Practice Next

    Relevant for Exams: