Multiple choice

As per Rules under Prevention of Money Laundering Act 2002, the banks are not required to obtain which the following documents while opening an account of a company?

  1. Certificate of Incorporation

  2. Memorandum of Association and Articles of Association

  3. Board resolution and official valid document in respect of the person operating the account

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

As per Rules under Prevention of Money Laundering Act 2002, the banks are required to obtain the following documents:

(i)   Certificate of incorporation and Memorandum and Articles of Association (ii)  Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account (iii) Power of Attorney granted to its managers, officers or employees to transact business on its behalf (iv) Copy of PAN allotment letter (v)  Copy of the telephone bill

Thus, all the given documents are important. 

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