Banking · KYC Guidelines & Regulatory Compliance
A digital onboarding process for account opening fails to execute real-time 'Liveness Detection', and bank staff manual overrides lead to money mule transactions. Under the Reserve Bank of India (RBI) Master Direction on KYC, what are the regulatory consequences for the bank?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank can transfer all legal responsibility to the third-party software vendor.
- 2The regulator only issues a warning if total transaction value is under 10 lakh rupees.
- 3The bank faces regulatory penalties for violating Video-based Customer Identification Process (V-CIP) norms regarding mandatory real-time liveness verification.✓
- 4The bank is exempted from liability if a valid government ID was supplied.
Correct answer
The bank faces regulatory penalties for violating Video-based Customer Identification Process (V-CIP) norms regarding mandatory real-time liveness verification.
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