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    Question

    KYC used in the Banks in India, the main aim for using

    KYC in bank is_____
    A It is used by the central bank to control liquidity Correct Answer Incorrect Answer
    B It is used for increasing the CRR of banks Correct Answer Incorrect Answer
    C It is used for customer identification Correct Answer Incorrect Answer
    D It is used against money laundering Correct Answer Incorrect Answer
    E Both 3 and 4 Correct Answer Incorrect Answer

    Solution

    Know your customer (KYC) is the process of a business verifying the identity of its clients. Know your customer policies are becoming much more important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.

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