Q54: When dealing with persons from jurisdictions identified by the Financial Action Task Force (FATF) as having strategic deficiencies, what are Regulated Entities (REs) required to examine?

Only the customer's identity and address.

The background and purpose of the transactions, and to retain written findings.

The customer's risk profile, without needing to retain written findings.

The transactions only if they exceed rupees fifty thousand.

✅ Correct Answer: B

For FATF-listed jurisdictions, REs must examine the background/purpose of transactions and retain written findings.

This enhanced scrutiny is a standard topic in RBI KYC Guidelines MCQs.

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