Sample Questions

NISM-Series-24: AML and CFT Provisions in Securities Markets Mock Tests — 5 random MCQs with answers & explanations

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These 5 questions are randomly selected (standard MCQs only, not case-based).

Q1 According to Rule 9(19), if a client provides their Aadhaar number for identification but wants to provide a different current address than the one in the Central Identities Data Repository, what can they give to the reporting entity?

A. A notarized affidavit
B. An updated Aadhaar card
C. A letter from a gazetted officer
D. A self-declaration to that effect Correct Answer

Explanation:

Rule 9(19) allows a client to give a self-declaration to the reporting entity if their desired current address differs from the one associated with their Aadhaar.

Marks: 1

Q2 Which among the following qualifies as a Virtual Digital Asset under AML rules?

A. CBDCs
B. Cryptocurrencies convertible into fiat or other digital assets Correct Answer
C. Official government currency
D. Cash transactions

Explanation:

Convertible crypto assets fall under VDA guidelines.

Marks: 1

Q3 Which institution’s efforts led to worldwide recognition of anti-money-laundering standards?

A. World Trade Organization
B. International Monetary Fund
C. World Health Organization
D. Financial Action Task Force Correct Answer

Explanation:

FATF created global AML guidelines adopted by countries worldwide.

Marks: 1

Q4 What must a reporting entity avoid doing with CKYCR-sourced KYC data?

A. Using it for appropriate verification
B. Sharing it with others without proper authorisation Correct Answer
C. Applying it for enhanced CDD
D. Updating information when needed

Explanation:

CKYCR information cannot be passed to third parties without approval.

Marks: 1

Q5 Which section removes civil-court jurisdiction in PMLA matters?

A. Section 66
B. Section 41 Correct Answer
C. Section 48
D. Section 50

Explanation:

Section 41 bars civil courts from intervening in PMLA proceedings.

Marks: 1

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Sample Questions

Q1 According to Rule 9(19), if a client provides their Aadhaar number for identification but wants to provide a different current address than the one in the Central Identities Data Repository, what can they give to the reporting entity?

Q2 Which among the following qualifies as a Virtual Digital Asset under AML rules?

Q3 Which institution’s efforts led to worldwide recognition of anti-money-laundering standards?

Q4 What must a reporting entity avoid doing with CKYCR-sourced KYC data?

Q5 Which section removes civil-court jurisdiction in PMLA matters?

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