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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.

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