Module: General Practice
Q68: Regarding the approval process for establishing new "Cross-Border Correspondent Banking Relationships," which of the following statements is correct?
New relationships require prior approval from the Reserve Bank of India.
New relationships require prior approval from Senior Management.
New relationships require post-facto approval from the Board or the empowered Committee.
New relationships can be approved solely by the Principal Officer.
New relationships require prior approval from Senior Management.
New relationships require post-facto approval from the Board or the empowered Committee.
New relationships can be approved solely by the Principal Officer.
✅ Correct Answer: B
The bank shall obtain prior approval from senior management and post-facto approval from the Board or the empowered Committee.
Correspondent banking governance is a high-level topic in the IIBF AML KYC Exam 2026.
Correspondent banking governance is a high-level topic in the IIBF AML KYC Exam 2026.