Banks are required to monitor transactions of suspicious nature for reporting to the authorities under anti- money laundering measures. The purpose of reporting is:

Related MCQs

• KYC –Know Your Customer is to identify the Customer, whereas AML- Anti Money Laundering is to identify the Source of Income:
• Money laundering is related to ------------------ ----------
• The national agency mandated to control, analyse and disseminate Suspicious Transaction Reports(STR), Cash Transaction Reports and counterfeit currency reports to various investigative agencies of the country after receiving it from banks and other financial intermediaries is                  
• Out of 27 Public Sector Banks (PSBs), Govt of India controls 22 banks through majority holding and which of the following state-run entities holds majority stake in the remaining 5 banks?
• In Notice Money Market, the tenor of the transactions is from                  
• Which of the following banks have become the first banks to join SWIFT‘s global payments initiative?
• On 19th July 1969, 14 banks were nationalized, these banks had deposits of more than
• On the current account balances maintained by the Regional Rural Banks with them, the commercial banks may
• Which committee is heading the conversion of Urban Cooperative Banks into Regular Banks?
• The banks included in 2nd schedule of are known as scheduled banks