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Module: General Practice

Q2: What two pieces of legislation form the primary legal framework for Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) in India?

A
The Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949
B
The Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005
C
The Foreign Exchange Management Act, 1999 and the Companies Act, 2013
D
The Financial Action Task Force (FATF) Act, 1989 and the Unlawful Activities (Prevention) Act, 1967
✅ Correct Answer: B
The legal framework in India for AML and CFT is formed by The Prevention of Money-Laundering Act, 2002, and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
This statutory knowledge is essential for solving RBI KYC Guidelines MCQs.
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