Sample Questions

NISM IFSCA 01: Anti Money Laundering and Counter Terrorist Financing Certification in the IFSC — 5 random MCQs with answers & explanations

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

Q1 Must a non-profit organization (NPO) be registered on the government's "DARPAN" portal?

  • A. False
  • B. True Correct Answer
Explanation:
To ensure transparency, NPOs must register on the NITI Aayog's DARPAN portal to operate in certain sectors.

Marks: 1

Q2 What must a "Business Risk Assessment" consider when looking at the future?

  • A. New marketing ads
  • B. New products and new ways of delivering services Correct Answer
  • C. New office furniture
  • D. New accounting software
Explanation:
Every time a bank launches a new app or service, they must check if criminals could use it.

Marks: 1

Q3 In the two-step registration procedure on FIU-IND FINGate 2.0 Portal, what are the two steps?

  • A. Step 1: Company Registration; Step 2: Shareholders Registration
  • B. Step 1: Regulated Entity registration; Step 2: Designated Director and Principal Officer registration Correct Answer
  • C. Step 1: Asset Registration; Step 2: Bank Account Registration
  • D. Step 1: Local Police Clearance; Step 2: IFSCA Clearance
Explanation:
Registration on FINGate 2.0 is a two-step procedure: Step 1 is Regulated Entity registration, and Step 2 is Designated Director and Principal Officer registration.

Marks: 1

Q4 Under the PMLA, what does the definition of "property" include?

  • A. Only land in India
  • B. Only bank accounts
  • C. Only physical moving assets
  • D. Deeds and instruments evidencing title or interest Correct Answer
Explanation:
Property is a broad term that covers anything of value, including the legal documents that show you own an asset.

Marks: 1

Q5 What is the shortest prison term for a money laundering conviction under PMLA Section 4?

  • A. seven years
  • B. five years
  • C. three years Correct Answer
  • D. ten years
Explanation:
The minimum punishment for money laundering is three years of rigorous imprisonment.,

Marks: 1

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