True or false about KYC rules

Exercise and reference answers

Questions

1. Statement is true

   Yes

   Statement

   A driving licence is an officially valid document.

2. Statement is true

   No

   Statement

   High risk KYC is refreshed every ten years.

3. Statement is true

   Yes

   Statement

   KYC may be updated at any branch.

4. Statement is true

   No

   Statement

   An application may be rejected without reasons.

5. Statement is true

   Yes

   Statement

   V-CIP ranks equal to face to face identification.

6. Statement is true

   Yes

   Statement

   The FATF was established in 1989.

Instructions

Decide whether each statement is true or false.

Explanation