General Studies · Corporate Customer KYC
Analyze the following statements regarding Customer Due Diligence (CDD): Statement 1: For a corporate customer, the bank must verify the entity using the Certificate of Incorporation, MoA, AoA, PAN, and authorized signatories. Statement 2: In the event of a change in a customer's address, a fresh Officially Valid Document (OVD) must be obtained within 6 months. Statement 3: Under 'Reliance on Third Party CDD', the ultimate responsibility for Customer Due Diligence remains with the relying bank. Statement 4: Corporate KYC ownership rules aim to identify natural persons behind legal entities to prevent shell company misutilization.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only Statement 3 is correct.
- 2Only Statement 2 is incorrect because the mandatory period to obtain a fresh OVD/deemed OVD for an address change is 3 months.✓
- 3All statements are correct.
- 4Only Statements 1 and 4 are correct.
Correct answer
Only Statement 2 is incorrect because the mandatory period to obtain a fresh OVD/deemed OVD for an address change is 3 months.
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