Question 1

An STR (Suspicious Transaction Report) must be filed with FIU-IND within how many days of arriving at a conclusion that a transaction is suspicious?

30 days15 days3 days7 days

View Explanation

While CTRs are filed monthly (by 15th), STRs must be filed within 7 working days of the bank's Principal Officer determining that a transaction is suspicious.

Question 2

If a customer attempts to open an account but refuses to provide the required KYC documents, the bank should:

Open the account and give 3 months to submit documents.Refuse to open the account and consider filing a Suspicious Transaction Report (STR).Open the account but restrict transactions.Charge a penalty and open the account.

View Explanation

RBI Guidelines are strict: No account can be opened without proper KYC ("No KYC, No Account"). Furthermore, refusal to provide standard information or non-cooperation is a red flag for potential money laundering, warranting the bank to consider filing an STR with FIU-IND.

JAIIB Quiz

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