Module: General Practice
Q93: Reporting Entities (REs) in India are mandated to file specific reports with the FIU-IND. Which of the following statements regarding these obligations and the definition of REs are correct?
As of recent notifications (2023-2025), Virtual Digital Asset (VDA) Service Providers, such as Crypto Exchanges and Wallet Providers, are classified as Reporting Entities and must perform KYC and file reports.
A Cash Transaction Report (CTR) must be filed for all cash transactions (or integrally connected series) exceeding ₹10 Lakhs, and submitted by the 15th day of the succeeding month.
A Suspicious Transaction Report (STR) has no monetary threshold; it must be filed within 7 working days of arriving at a conclusion of suspicion, even for attempted transactions.
A Counterfeit Currency Report (CCR) is only required if the value of counterfeit notes detected in a single transaction exceeds ₹50,000.
A Cash Transaction Report (CTR) must be filed for all cash transactions (or integrally connected series) exceeding ₹10 Lakhs, and submitted by the 15th day of the succeeding month.
A Suspicious Transaction Report (STR) has no monetary threshold; it must be filed within 7 working days of arriving at a conclusion of suspicion, even for attempted transactions.
A Counterfeit Currency Report (CCR) is only required if the value of counterfeit notes detected in a single transaction exceeds ₹50,000.
✅ Correct Answer: B
The correct answer is Option B. VDA providers are REs.
CTRs trigger at ₹10 Lakhs.
STRs have no threshold.
CCRs have no threshold either, making statement 4 incorrect.
Reporting norms are essential for the IIBF AML KYC Exam 2026.
CTRs trigger at ₹10 Lakhs.
STRs have no threshold.
CCRs have no threshold either, making statement 4 incorrect.
Reporting norms are essential for the IIBF AML KYC Exam 2026.