COMBINED AML/KYC IMPORTANT REVIEW AND REVISION TOPICS

Aml kyc recollected questions 1st of September 2018
3 steps of basic money laundering cycle
2 questions on funnel accounts
Connected accounts
1 question on wire transfer
1 question on hawala
Non member of Wolfsburg group
Law in UK related to AML
Around 5 questions on 2017 amendments of pmla (already discussed here in this group)
1 question on NI act
1 question on intermediates ( non-intermediaries of options)
1 question on whether to file STR
1 question on who will decide to file STR
Time limit for STR
1 question on enhanced due diligence
Time limit for freezing accounts
Time limit for kyc updation
1 question on juridical persons
1 question on specific beneficial owner
1 question on small account
1 question on cross border wire transfer
CTR time limit for filling
Which report don't have ceiling limits
STR typology
Staff callousness
Principal officer
Kyc aml interconnectedness

AML/KYC Questions 18Aug 2018
Fatf recommendations,
list of Wolfsberg group composition,
PMLA
STR typologies

IIBF EXAM REVIEW : KYC /AML 4Aug 2018

FATF Rules
2017Anendment Updates.. many questions
Trust related
International AML Act Rules

IIBF AML KYC REVIEW 8 July 2018 Exam
FIU - IND

1.Periodicity of risk categorization,   
2.stages of money laundering 2 marks questions almost 4,
3.desidnated director is designated by?,
4.pmla amendments almost 4 questions,
5.str,                           
6.ccr,                           
7.period of retention of transaction,           
8.which banks is not included in Wolfsburg banks,         
9.responsibility of board of directors and PO,
10.reporting entity, transaction means,
11.person means,       
12.which countries need permission to open account,               
13.egmont group,     
14.which laws r in USA legislation,                   
15.act related to Australia,       
16.freezing of assets power lies with whom.     
17,fiu-ind 2-3 questions, 
18.social impact of m/l,
19.which is not stage in m/l,.                 
20.multiple tier account, pep,                     
21.updation of kyc policy,
22.ckycr assign identifier of whom,             
23.legislation supporting aml measure,           
24.shell bank,       
25.elements of kyc policy,               
26.stages of cip,   
27.simplified due diligence,             
28.utility bill,       
29.proprietary firm,     
30.small ac

Previous recollected qus pdf

SOME FULL FORMS IN AML/KYC

 Central KYC Records Registry” (CKYCR)
Central Identities Data Repository” (CIDR)
Officially Valid Document” (OVD)
Non-profit organisations” (NPO)
Common Reporting Standards” (CRS)
Customer Due Diligence (CDD)
FATCA” means Foreign Account Tax Compliance Act
IGA” means Inter Governmental Agreement
Politically Exposed Persons” (PEPs)
Regulated Entities” (REs)
Scheduled Commercial Banks (SCBs)
Regional Rural Banks (RRBs)
Local Area Banks (LABs)
(Urban) Co-operative Banks (UCBs)
State and Central Co-operative Banks (StCBs / CCBs)
Money Transfer Service Scheme (MTSS)
Payment System Providers (PSPs)

SOME DEFINITIONS

“Shell bank” means a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group.

“Wire transfer” means a transaction carried out, directly or through a chain of transfers, on behalf of an originator person (both natural and legal) through a bank by electronic means with a view to making an amount of money available to a beneficiary person at a bank.

"Principal Officer” means an officer nominated by the RE, responsible for furnishing information as per rule 8 of the Rules.

 “Regulated Entities” (REs) means

• all Scheduled Commercial Banks (SCBs)/ Regional Rural Banks (RRBs)/ Local Area Banks (LABs)/ All Primary (Urban) Co-operative Banks (UCBs) /State and Central Co-operative Banks (StCBs / CCBs) and any other entity which has been licenced under Section 22 of Banking Regulation Act, 1949, which as a group shall be referred as ‘banks’
• All India Financial Institutions (AIFIs)
• All Non-Banking Finance Companies (NBFC)s, Miscellaneous Non-Banking Companies (MNBCs) and Residuary Non-Banking Companies (RNBCs).
• All Payment System Providers (PSPs)/ System Participants (SPs) and Prepaid Payment Instrument Issuers (PPI Issuers)
• All authorised persons (APs) including those who are agents of Money Transfer Service Scheme (MTSS), regulated by the Regulator.

Resident”, as defined under sub-section (v) of section 2 of the Aadhaar Act, means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment for Aadhaar;

“Suspicious transaction” means a “transaction” as defined below, including an attempted transaction, whether or not made in cash, which, to a person acting in good faith,:

• gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or
• appears to be made in circumstances of unusual or unjustified complexity; or
• appears to not have economic rationale or bona-fide purpose; or
• gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.

SOURCE : RBI CIRCULAR