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QUIZ ON SAVINGS SCHEMES

QUIZ ON SAVINGS SCHEMES. Q.1- WHAT ARE Three categories of Accounts under PREVENTION OF MONEY LAUNDERING ACT 2002?. Low Risk:- Accounts opened/Certificate purchased with initial deposit below Rs.50,000.

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QUIZ ON SAVINGS SCHEMES

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  1. QUIZ ON SAVINGS SCHEMES

  2. Q.1- WHAT ARE Three categories of Accounts under PREVENTION OF MONEY LAUNDERING ACT 2002? Low Risk:- Accounts opened/Certificate purchased with initial deposit below Rs.50,000. Medium Risk:- Accounts opened/Certificate purchased with initial deposit between Rs.50,000 to Rs.10 lakh. High Risk:- Accounts opened/Certificate purchased with initial deposit above Rs.10 lakh.

  3. Q.2- What are the Know your customer norms for transaction below Rs. 50000/-? • Recent Photograph • Identity proof (PAN NOT REQUIRED) • Address proof

  4. Q.3- What are the Know your customer norms for transactions between Rs. 50000/- & 1000000/-? • Recent Photograph • Identity proof -(PAN MUST REQUIRED if customer does not submit declaration in form 60 or 61) + One other identity • Address proof

  5. Q.4- What are the Know your customer norms for transactions above Rs.1000000/- • Recent Photograph • Identity proof (PAN MUSTREQUIRED + One other identity) • Address proof • Source of funds • Physical verification of address

  6. Q.5-Tell about Record keeping: • Three photos- one on application (Attested) second on PB (Attested) third copy in the index register • Copy of ID / address proofs/PAN/source of funds with SB-3/PA • SB-3/Purchase Application attested by PM & kept preserved up to 10 years from closure/discharge

  7. Q.6-Tell the Method of reporting for deposits or Withdrawal exceeding 1000000/-

  8. Q.7-Tell the Method of reporting any attempted transaction of forged or counterfeit currency notes used or forgery of Security or documents:

  9. Q.8- Tell the Method of reporting Suspected transaction:

  10. Q.9-What measures to be taken for existing accounts/certificates (only in case of suspicion) In case of difference in Sign. in transaction of Rs. 50000/- or more:

  11. Q.10-Preservation period of LOT & vouchers under PML ACT’s provisions?

  12. THANK YOU

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