Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations


Q.  Which of the following is not the key element of the KYC Policy?

a. Customer Acceptance Policy
b. Customer Identification Procedures
c. Monitoring of Transactions
d. None of the Above


ANSWER: See Answer
 
As per RBI guidelines all banks are required to formulate a KYC Policy with the approval of their respective boards. The KYC Policy consists of the following four key elements: 1) Customer Acceptance Policy 2) Customer Identification Procedures 3) Monitoring of Transactions 4) Risk Management.
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