KPMG India AML KYC Analyst Interview Questions, Process, and Tips

1 question about general topic like social media need to write essay on that topic.

Q1. What is Kyc? What is AML?
Ans. 
KYC stands for Know Your Customer, which is a process of verifying the identity of a customer. AML stands for Anti-Money Laundering, which is a set of laws, regulations, and procedures aimed at preventing criminals from disguising illegally obtained funds as legitimate income.
• KYC is a process of collecting and verifying customer information, such as name, address, and identification documents.

• KYC helps financial instit...read more
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Q2. What is OFAC and FATCA? CDD and EDD?
Ans. 
OFAC and FATCA are regulations related to financial compliance. CDD and EDD are customer due diligence and enhanced due diligence processes.
• OFAC (Office of Foreign Assets Control) is a US government agency that enforces economic and trade sanctions against countries, organizations, and individuals involved in terrorism, narcotics trafficking, and other illegal activities.

• FATCA (Foreign Account Tax Compliance Act) is a ...read more
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Q3. Regulators and Regulations? Why banks do KYC?
Ans. 
Banks do KYC to comply with regulations and prevent financial crimes.
• KYC helps banks verify the identity of their customers and assess the risk of doing business with them.

• Regulators require banks to implement KYC procedures to prevent money laundering, terrorist financing, and other financial crimes.

• KYC also helps banks maintain a good reputation and avoid legal and financial penalties.

• Examples of KYC regulations incl...read more
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Q4. Kyc effects in Financial Institutions? Identity and Verification?
Ans. 
KYC is crucial for financial institutions to prevent money laundering and terrorist financing.
• KYC (Know Your Customer) is a process of verifying the identity of customers and assessing their potential risks.

• Financial institutions are required by law to perform KYC to prevent money laundering and terrorist financing.

• KYC includes collecting personal information, verifying identity documents, and screening against sanctio...read more
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Basic numerical and language test.

Q1. What do you know about AML?
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Q2. Why do companies use KYC?
Ans. 
Companies use KYC to verify the identity of their customers and comply with regulations.
• KYC helps companies prevent fraud and financial crimes.

• KYC also helps companies build trust with their customers.

• KYC is required by law in many countries to prevent money laundering and terrorist financing.

• KYC can also help companies better understand their customers and tailor their products and services to their needs.

• Examples of ...read more
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Q3. What is Customer Due Diligence (CDD)?
Ans. 
CDD is the process of verifying the identity of a customer and assessing their risk level.
• CDD is a key component of AML compliance.

• It involves collecting and verifying customer information, such as name, address, and date of birth.

• CDD also involves assessing the risk level of the customer based on factors such as their occupation, source of funds, and geographic location.

• The level of CDD required may vary depending on ...read more
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