📝 One-liners · 66 cards
A OPERATIONAL ASPECTS OF KYC
What does KYC stand for in the context of Indian banking?
KYC stands for Know Your Customer. It refers to the process by which banks verify the identity and address of their customers before or during the course of business.
What is the meaning of 'Customer Identification Procedure' (CIP) under KYC?
Process of verifying customer identity using valid documents before account opening.
Which regulatory body has issued the Master Direction on KYC for banks in India?
The Reserve Bank of India (RBI) has issued the Master Direction on KYC, which all Regulated Entities including banks must comply with.
What is the difference between KYC and AML in banking compliance?
KYC verifies identity; AML prevents and detects money laundering activities.
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for A OPERATIONAL ASPECTS OF KYC.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days