Consider the following statements about KYC (Know Your Customer):
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KYC involves verification of the customer’s identity and address before account opening.
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KYC guidelines are issued by RBI under section 35A of the Banking Regulation Act 1949 and rules of the Money Laundering Act 2005.
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KYC process is optional and banks can open accounts without it for low-risk customers.
Which of the above statements is/are correct?
1
1 only
2
2 only
3
1 and 2 only
4
1 and 3 only
5
2 and 3 only