Module: | KYC, NPAs, Advances & Investment Valuations
Q255: When a bank grants an exception for CDD (e.g., offline verification instead of e-KYC) due to a customer's injury, illness, or old age, which of the following controls must be implemented?
1. An official of the bank shall invariably carry out the CDD.
2. The exception handling must be part of the concurrent audit.
3. The details must be recorded in a centralized exception database.
4. The database must be available for supervisory review.
2. The exception handling must be part of the concurrent audit.
3. The details must be recorded in a centralized exception database.
4. The database must be available for supervisory review.
✅ Correct Answer: D
An official shall carry out CDD, it shall be part of concurrent audit, details recorded in a centralized exception database, and the database made available for supervisory review.