IIBF AML/KYC EXAM RECOLLECTED QUESTIONS 2023

IIBF AML/KYC EXAM RECOLLECTED QUESTIONS 2023

AML/KYC RECOLLECTED QUESTIONS:- If you are preparing for the coming AML KYC Exam of IIBF this year or the next, you really should not miss out on the memory-recalled questions from the previous AML KYC Exams. And we are sure that these questions or topics will help you in your Upcoming Exam for AML KYC 2023. Following are some of the recollected questions that have been collected from the previous exams:

• What is the meaning of money laundering?

• India is a member of which group?

• Case Study on Funnel Account?

• Case Study on Structuring (1 question)

• Case Study on Back-to-back Loan

• What is the difference between ML & TF (Money Laundering and Terrorism Financing)?

• Case Studies on Placement & layering (2 case studies & 1 question)

• What is the minimum requirement for the determination of a beneficial owner in the company, proprietary firm, and trust? (3 questions)

Important Topic:- IIBF AML KYC STUDY MATERIAL

• What is a Suspicious transaction report? (1 case study & 2 questions)

• FIU-IND helps which country for the technical assistance?

• What is the US Sanction list?

• What are the Laws related to the UK? (2 questions)

• Financial Action Task Force (FATF) 4th round evaluation (3 questions)

• What is the limit for CDD in the case of cross-border transactions?

• Authority for prosecution in case of Terrorism Financing?

• What is FATF (Financial Action Task Force) public statement?

• What is the Limit of holding for the accounts that are opened by OTP?

• The latest amendments in PMLA (2020) – (5 questions)

• Comprehensive questions regarding the recommendation of FATF (4 questions)

• CDD for PEP (Political Exposed Persons)

• Procedure of CDD (Customer Due Diligence) & guidelines for an opening account as per BCBS (Basel Committee on Banking Supervision) paper

• Within how many days records are required to be sent to Central KYC Registry?

• STR (Suspicious Transaction Reporting) is required to be sent to FIU-IND in how many days?

Important Topic:- IIBF AML KYC NOTES

• Which bank is not a member bank of Wolfsberg Group?

• What is the difference between FATF, EGMONT GROUP & WOLFSBERG & Basel Committee on Banking Supervision (BCBS)

• For what purpose FATF is set up?

• What are the recommendations of FATF relating to PEP, NPO, Correspondent banking, Money, or value transfer services? – (4 questions)

• CDD (Customer Due Diligence) is not required for which Designated Non-Financial Businesses and Professions (DNFBPs) as defined by FATF?

• What is the CDD process for juridical persons and their firms? – (2 questions)

• What is the main feature of the Vienna Convention?

• Who is authorized to take prosecution under PMLA-ED (Directorate of Enforcement)?

• Who is authorized to seize property under UAPA-NIA?

• What is the maximum penalty that can be levied for non-compliance with KYC? – Rs. 1,00,000.00

• What are the punitive actions for non-compliance under PMLA?

• What does Reporting entity mean?

• What is the frequency of the submission of Counterfeit currency reports? – (monthly)

• Which are the countries that are identified in FATF? (3 questions)

• What is/are the key elements of KYC policy?

• What is the purpose of FAQs?

• Who approves the KYC policy?

• What are the five major factors that impact ML/TF (Money Laundering and Terrorism Financing)

• What is a foreign student account?

• What are the risks involved in Money laundering relating to new products/new technology?

• What is the easy method for terrorist financing?

• One case study relating to Terrorism Financing through trust

• One case study regarding what should be the risk category of KYC for a salaried person if they are getting inward cross-border remittances.

Important Topic:- IIBF KYC AML EXAM NOTIFICATION

• What are the risks involved in the third-party business?

• If OVD (Officially Valid documents) does not contain an address then which utility bill can be used in place of that?

• What is contained in Due diligence? And what are the transparency requirements regarding covering payment messages related to cross-border wire transfers?

• What are the 3 steps in the basic money laundering cycle?

• What are funnel accounts? (2 questions)

• What are Connected accounts?

• What is a wire transfer? (1 question)

• What do you mean by hawala? (1 question)

• Who are the Non–members of the Wolfsburg group?

• What are the laws in the UK that are related to Anti-Money Laundering?

• Latest amendments of PMLA (5 questions)

• What is the Negotiable Instruments Act?

• Who are intermediates & non-intermediaries of options?

• Who decides to file STR (Suspicious Transaction Report)?

• What is the time limit for STR filing?

• What does enhance due diligence mean?

• What is the time limit for freezing accounts?

Read Also:- AML & KYC SYLLABUS

• What is the time limit for KYC Updation?

• Who are juridical persons?

• What does a specific beneficial owner mean?

• What do you mean by a small account?

• What do you mean by cross-border wire transfer?

• What is the time limit for filling out CTR (Currency Transaction Report)?

• Which report does not have ceiling limits?

• What is STR typology?

• What is Staff callousness?

• Who is the Principal officer?

• What is KYC AML interconnectedness?

• What are the FATF Rules?

• Are questions related to Trust?

• What are the International AML Act & Rules?

• What is the Periodicity of risk categorization?

• What are the Stages involved in the process of money laundering? (4 questions)

• Who designates the Designated director?

• What is the period of retention of transactions?

• What is the responsibility of the board of directors and PO?

• What does a person mean or include?

• Which countries need permission to open accounts?

• What is the Egmont group?

• Which Acts are related to Australia?

• Who has the power to freeze the assets?

• What is the Social Impact of Money Laundering and Terrorism Financing?

• What is a Multiple tier account of Politically Exposed Persons?

• What is the Updation of KYC policy?

• Which Legislation supports AML measures?

• What do you mean by Shell Bank?

• What are the elements of KYC policy?

Important Topic:- IIBF KYC/ AML EXAM STUDY MATERIAL

• What are the Stages of CIP?

• What is Simplified due diligence?

• What do you mean by a Utility bill?

• What is a Proprietary firm?
• What do you mean by a small account?

You must go through the above topics or questions or concepts as per the case as they are the most asked topics in the Anti-Money Laundering & Know Your Customer Exams.

All the best for the upcoming AML & KYC exams!