Question 1

Which one is not the objective of KYC data collection?

Accepted Answer

Collect customer data for marketing

Answer

Establish customer identity

Answer

Prevent money laundering & financial crimes

Answer

Comply with government regulation

Question 2

Who regulates and decides on the mandatory KYC requirements.?

Accepted Answer

Regulators in each country set the rules for their country

Answer

United Nations

Answer

The US government

Answer

Question 3

Why are all industriesneedto concern in KYC compliance?

Accepted Answer

All of the above

Answer

To comply with government regulations as regulators impose large fines for non compliance

Answer

To Stop money laundering, terror, financing and other financial crimes

Answer

To prevent reputational damage

Question 4

What does a KYC analyst do?

Accepted Answer

Verify and validate client’s true identity and ensure they are nor under sanctions

Answer

Open new Bank accounts

Answer

Monitor transactions and Investigate suspicious transactions

Answer

Not focus in line of defense in fighting financial crime

Question 5

What are you expected to do to understand KYC ?

Accepted Answer

All of the above

Answer

Validate information in the KYC by completing internet research

Answer

Provide url that was used to validate the KYC data

Answer

Update and prepare the KYC documents to credit team

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