Module: | KYC, NPAs, Advances & Investment Valuations
Q251: Under which of the following circumstances is a bank required to undertake the identification of customers (Customer Identification Procedure)?
1. When carrying out an international money transfer for a person who is not an account holder.
2. When selling third-party products for more than ₹50,000.
3. When a walk-in customer conducts a transaction of ₹50,000 or more.
4. When the bank believes a customer is intentionally structuring transactions below the ₹50,000 threshold.
2. When selling third-party products for more than ₹50,000.
3. When a walk-in customer conducts a transaction of ₹50,000 or more.
4. When the bank believes a customer is intentionally structuring transactions below the ₹50,000 threshold.
✅ Correct Answer: D
Identification is required for: international transfers for non-account holders, selling third-party products > ₹50,000, walk-in transactions > ₹50,000, and intentional structuring below ₹50,000.