True or false about KYC rules

Exercise and reference answers

Questions

1. Statement is true

   No

   Statement

   A small account may hold above one lakh a year.

2. Statement is true

   No

   Statement

   Risk rating is told to the customer.

3. Statement is true

   Yes

   Statement

   V-CIP ranks with face to face identification.

4. Statement is true

   No

   Statement

   The Principal Officer may be Designated Director.

5. Statement is true

   Yes

   Statement

   Risk categorisation is reviewed every six months.

6. Statement is true

   Yes

   Statement

   Rejection reasons must be recorded.

Instructions

Decide whether each statement is true or false.

Explanation