BANK SIDBI Grade A (General) Phase I Mock Test 2024 Banking and Financial Awareness KYC & Money Laundering
Which of the following statements regarding Politically Exposed Persons (PEPs) under KYC guidelines are correct?
1. PEPs are subject to enhanced due diligence due to higher corruption risks.
2. Banks are required to verify the source of funds for PEPs.
3. KYC records for PEPs must be retained for at least 10 years.
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
All of the above
5
None of the above