The mandatory Anti-Money Laundering (AML) framework for banks in India, which includes Know Your Customer (KYC) compliance, is primarily based on the provisions of which Act?

Question

Banking · Banking Regulations

Verified Solution4 OptionsUpdated: October 2026👁️1 View

Share:

Correct answer

The Prevention of Money Laundering Act, 2002 (PMLA)

Save this question and verified answer as a clean study sheet with live clickable link.

👥

Challenge your peer aspirants on WhatsApp or Telegram to solve this question!

Online Test Series

Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.

Chapter Practice

Want more practice questions on Banking Regulations?

Solve complete topic-wise tests with detailed solutions on GkGet.

Recommended practice questions in Banking · Banking Regulations

The 'Drain of Wealth' theory was propounded by which Indian nationalist leader?

Which event is considered the turning point in Mahatma Gandhi's leadership in the Indian independence movement?

Which African leader is known for his non-violent opposition to colonial rule?

Answer 1

The Prevention of Money Laundering Act, 2002 (PMLA)

Answer 2

The Negotiable Instruments Act, 1881

Answer 3

The Banking Regulation Act, 1949

Answer 4

The Reserve Bank of India Act, 1934

Related Practice Questions