AML/KYC Interview QuestionsQ.1 What does "pooled accounts" imply?A pooled account is a fiduciary account in which numerous people' investments are pooled together. Q.2 What are some parameters that can be used to improve due diligence?Customer location, financial state, nature of business or transaction purpose are the parameters for enhanced due diligence. Q.3What does KYC Policy imply?In India, all banks are required to have a KYC policy, as mandated by the RBI. Customer Acceptance Policy, Customer Identification Procedures, Transaction Monitoring, and Risk Management are all listed in the KYC policy. Q.4 Describe the AML/KYC Customer Acceptance Policy.The customer acceptance policy outlines the procedures to be followed when a consumer opens an account. The policy lists the documents required for identification as well as other required client characteristics. Q.5Explain the AML/KYC client identification procedure.The Client identification procedure is the process of identifying a customer using documents and other available information in order to comply with government-mandated AML/KYC rules. Q.6How will you recognise transactions that are suspicious?Observation, study of Exception Reports, and the use of AML Software can all be used to spot suspicious transactions. Q.7What can cause a transaction to be considered suspicious?There are a variety of reasons for a transaction to seem suspicious, including false identity, incorrect address, or doubt about the account's true recipient. Q.8What does "name screening" imply?Name screening is used to see if any of the institution's customers are on any blacklists or regulatory lists.