General Studies · PMLA and KYC Provisions
Evaluate the following statements regarding the Prevention of Money Laundering Act (PMLA) and reporting standards: Statement 1: An STR must be filed by the Principal Officer within 7 days of concluding that a transaction is suspicious, whether completed or attempted. Statement 2: 'Tipping off' a customer about an AML investigation or report is strictly prohibited and carries criminal penalties. Statement 3: For identifying a Trust, the bank must verify trustees, beneficiaries, settlors, and any natural person exercising ultimate control. Statement 4: CTR is threshold-based, whereas STR relies on the subjective judgment regarding the economic rationale of transactions.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only Statement 4 is correct.
- 2Statement 3 is incorrect because the specific beneficiary threshold under PMLA guidelines is 10%.
- 3Only Statements 1 and 2 are correct.
- 4All four statements are correct.✓
Correct answer
All four statements are correct.
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