Module: General Practice
Q75: Regarding the sale of "Third Party Products" by a bank acting as an agent, which of the following compliance measures are mandatory?
The identity and address of walk-in customers must be verified for transactions above ₹50,000.
Transactions involving ₹50,000 and above must be undertaken only by debit to customers' accounts or against cheques.
The bank must obtain and verify the PAN given by walk-in customers for transactions of ₹50,000 and above.
The bank must maintain transaction details and related records for at least five years.
Transactions involving ₹50,000 and above must be undertaken only by debit to customers' accounts or against cheques.
The bank must obtain and verify the PAN given by walk-in customers for transactions of ₹50,000 and above.
The bank must maintain transaction details and related records for at least five years.
✅ Correct Answer: D
Mandatory measures: verify walk-ins > ₹50k, no cash > ₹50k (debit/cheque only), verify PAN, and maintain records for 5 years.
Third-party product rules are a complex part of the IIBF AML KYC Exam 2026.
Third-party product rules are a complex part of the IIBF AML KYC Exam 2026.