Module: General Practice
Q31: Which of the following statements regarding the post-process requirements for Video based Customer Identification Process (V-CIP) are correct?
All accounts opened through V-CIP shall be made operational only after being subject to a concurrent audit.
The entire data and recordings of the V-CIP, including the video, must be stored in a system or systems located in India.
The Regulated Entity (RE) must store the V-CIP data for a minimum of ten years.
The entire data and recordings of the V-CIP, including the video, must be stored in a system or systems located in India.
The Regulated Entity (RE) must store the V-CIP data for a minimum of ten years.
✅ Correct Answer: A
Statements 1 and 2 are correct.
V-CIP accounts need a concurrent audit, and data must be stored in India.
The retention period is five years, making Statement 3 incorrect.
These post-process rules are vital for RBI KYC Guidelines MCQs.
V-CIP accounts need a concurrent audit, and data must be stored in India.
The retention period is five years, making Statement 3 incorrect.
These post-process rules are vital for RBI KYC Guidelines MCQs.