IIBF AML KYC MOCK TEST 2023
AML KYC MOCK TEST:- As the AML KYC Certification Exams are not very far, we hope that the candidates preparing for this IIBF Exam are done with their revisions!
If you are still preparing for the exams and need material to quickly revise the topics of AML KYC or do the last-minute revision then you have come to the right place. You must check out the AML/KYC Question Banks that are available on our website. You can check it out by hitting this link. (Check it out in the BuyPro Section)
As there remains not enough time in the hands of the banking aspirants who are preparing for the AML KYC attempt, we recommend that you go and solve the below given Mock Test provided down below.
Solve the test sincerely and refrain from cheating. Because when you attempt the questions without looking up the answers beforehand then you will be able to remember the answers get very high.
You can even download the mock test provided down here in pdf format (link given at the last of this article).
Important Topic:- IIBF AML KYC EXAM DATE 2023, REGISTRATION DATE, HOW TO APPLY
Try to solve the given mock test within 15 Minutes & then, can check your answers from the answer key provided at the last of this article!!
AML/KYC MOCK TEST
| No. | QUESTION |
| 1 | What does CFT stand for under KYC/AML regulations?
a) Combating the financing of terrorism b) Calculating financial terrorism c) Committee on financial terrorism d) Commission on financial terrorism |
| 2 | The amount beyond which cash transactions (in respect of both Receipts & Payments) are to be monitored by the Commercial Banks as stipulated by the Reserve Bank of India in its guidelines is __________.
a) Rs.5,00,000.00 & above b) Rs.8,00,000.00 & above c) Rs.10,00,000.00 & above d) There is no such limit |
| 3 | Due diligence is done when an account is opened to enable the banks to ensure:
a) the identification of the customer at the time of account opening b) correctness of the various denominations of notes that are given by the customers while an account is opened c) authenticity of the signatures of the customer at the time of account opening d) speeding up the process of opening accounts the new customers |
| 4 | While opening an account of a partnership firm, one of the vital documents that is to be produced by the partnership firm is which of the following documents?
a) Partners Memorandum of Understanding (MOU) b) Partnership Deed c) Registration certificate of Partnership Firm d) Signatures of all the partners |
| 5 | Cash cannot be accepted for the issue of Demand Deposits/TTs/Rupee TCs from the customers for Rs. ______.
a) Rs.50,000.00 & above b) Rs.75,000.00 & above c) Rs.1,00,000.00 & above d) Rs.1,50,000.00 & above |
| 6 | The principal AML – (Anti-Money Laundering) responsibility of a financial institution is to ensure what of the following?
a) that the proper due diligence is done at the time of account opening b) that the proper due diligence is done at the time of account opening and that the customer and his/her account(s) are/are properly monitored c) the customer and his/her account(s) is/are properly monitored d) None of the above |
| 7 | What refers to the reinjection of the laundered proceeds back into the economy in such a way so that they re-enter as normal business funds into the financial system?
a) Layering b) Placement c) Integration d) Smurfing |
| 8 | Under KYC norms Banks should prepare a profile for?
a) each new customer based on the categorization of risk. b) each new customer based on the constitution. c) each new customer based on financial status. d) each new customer based on their own funds. |
| 9 | One of the possible steps required to be undertaken while opening an NRI account by the bank branch is which of the following?
a) Authentication or verification of signature by the Indian Embassy b) Authentication or verification of signatures that is made by the relatives of Non-Resident Indians in India c) Authentication or verification of signature made by friends of the Non-Resident Indians who are staying abroad d) All of the above |
| 10 | Which of the following document is a basic document, on the basis of which KYC guidelines have been issued?
a) Financial Action Task Force & Anti-money laundering standards b) USA Patriot Act c) UNO Resolution on the Iraq war d) None of the above document |
| 11 | Correspondent banking is which of the following options:
a) the provision of depository services by one bank (i.e the correspondent bank) to another bank (known as the respondent bank) b) the provision of money market services by one bank (the correspondent bank) to another bank (the respondent bank) c) the provision of capital market services by one bank (the correspondent bank) to another bank (the respondent bank) d) the provision of banking services by one bank (the correspondent bank) to another bank (the respondent bank) |
| 12 | Which of the following transaction(s) is/are not consistent with a salaried customer’s account who is employed in India?
a) Frequent deposits of cash in large sums by 3rd parties b) Deposit of cheques that are issued by foreign companies c) High-value transactions routed through his/her account with high frequency d) All of the above transactions |
| 13 | The four key elements of the Know Your Customer policy in the context of recommendations of the Financial Action Task Force (FATF) and instructed by the Reserve Bank of India are?
a) Customer Acceptance Policy, Customer Identification, Procedure, Monitoring of Transactions and Reporting of Transactions b) Customer Acceptance Policy, Customer Identification Procedure, Monitoring of Transactions and Risk Management c) Customer Acceptance policy, Monitoring of Transactions, Reporting of Transactions and Risk Management d) Customer Acceptance Procedure, Monitoring of High-value Transactions, Customer Identification Policy and Risk Management |
| 14 | Which of the following are the unusual activities in respect of customers’ accounts?
a) Opening of bank account at a place other than the place of work b) Frequent deposits of large amounts of money that bear the labels of other banks into the bank account c) Request for the closure of newly opened accounts where high-value transactions are routed through d) All of the above activities |
| 15 | Strict adherence to KYC norms is achieved through which of the following activities or guidelines?
a) following the guidelines of statutory authority b) identification of customers with the appropriate documents c) strict implementation of the Banking Systems & procedures while opening the accounts of customers d) All of the above |
READ ALSO: IIBF CERTIFICATION EXAM-RELATED QUERIES
Important Topic:- AML & KYC SYLLABUS 2023
| ANSWER KEY | |||
| 1 | a | 9 | a |
| 2 | c | 10 | a |
| 3 | a | 11 | d |
| 4 | b | 12 | d |
| 5 | a | 13 | b |
| 6 | b | 14 | d |
| 7 | c | 15 | d |
| 8 | a | – | – |
Read Also:- IIBF AML/KYC EXAM QUESTION ANSWER AND STUDY MATERIAL PDF NOTES
You can download the PDF file of the above given Mock Test of AML/KYC by hitting here.
You can find other mock tests available on IIBF AML/KYC Exam on our website & you can even attempt them online & get the answers right away. There are a total of 5 Mock Tests free of cost you can attempt when you sign up at @iibf.info
STUDY MATERIAL
You can also avail of our study material (Video lectures) on AML/KYC. This study material is available in a mix of English + Hindi Language. This study material on AML/KYC will have the following contents:
-
- Full chapter-wise video course of AML/KYC (mix of Hindi & English Languages)
- Detailed Concepts
- Questions
- Memory Recalled Questions
- Tests for AML/KYC 2021-22:
- Mock Tests
Important Topic:- IIBF KYC/ AML EXAM QUESTION ANSWER AND STUDY MATERIAL PDF NOTES
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May you have success in your exam!!!
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