BANK Union Bank of India Local Bank Officer Mock Test 2024 Current Affairs Business and Economy Economic and Financial Affairs
Which of the following statements about KYC record maintenance is correct?
1. Banks and financial institutions must update KYC records periodically, especially when there is a change in the customer’s information or risk profile.
2. Customer profiles should include a comprehensive assessment of transaction trends, source of funds, and anticipated activity patterns to detect anomalies.
3. Data and records must be accessible and maintained for at least 7 years after the cessation of the customer relationship or completion of the last transaction.
1
1 and 3 only
2
1 and 2 only
3
1 only
4
2 and 3 only
5
All of the above