KYC –Know Your Customer is to identify the Customer, whereas AML- Anti Money Laundering is to identify the Source of Income:

Related MCQs

• KYC‘ (Know Your Customer) norms were implemented in the Indian banking system in 2002 as per the directive of ?
• The Know Your Customer (KYC) norms of opening a bank account has been relaxed for the accounts with minimum balance of
• The Reserve Bank of India imposed fine on which of the following private sector banks for violation of KYC (Know Your Customer) norms in June 2013?
• Banks are required to monitor transactions of suspicious nature for reporting to the authorities under anti- money laundering measures. The purpose of reporting is:
• AML Stands for
• Money laundering is related to ------------------ ----------
• Which of the following is the purpose of introducing ―Know Your Customer‖ norms by the banks?
• KYC guidelines followed by the Banks have been framed on the recommendations the .
• KYC Compliance is done to .
• The largest number of commercial banks offices are located in? 84). What is the purpose of KYC in banking?