Module: General Practice
Q11: Which of the following statements regarding "Customer Due Diligence (CDD)" are correct?
CDD is the process of identifying and verifying the customer and the beneficial owner using reliable, independent sources.
CDD is required when carrying out occasional transactions of an amount equal to or exceeding ₹50,000.
CDD is also required if there are doubts about the veracity or adequacy of previously obtained customer identification data.
CDD is required when carrying out occasional transactions of an amount equal to or exceeding ₹50,000.
CDD is also required if there are doubts about the veracity or adequacy of previously obtained customer identification data.
✅ Correct Answer: D
All three statements are correct components of the Customer Due Diligence (CDD) requirements.
CDD is triggered for occasional transactions at or above ₹50,000.
Mastering these triggers is necessary for RBI KYC Guidelines MCQs.
CDD is triggered for occasional transactions at or above ₹50,000.
Mastering these triggers is necessary for RBI KYC Guidelines MCQs.