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CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS

Veritas Compliance Services LLP, a unit in GIFT IFSC, wants to offer customer due diligence outsourcing, transaction monitoring and sanctions screening support to banks and finance companies in the IFSC. Which description best fits the activity it proposes to undertake?

The proposed activity is a financial crime compliance service for regulated entities. Customer due diligence outsourcing, transaction monitoring and sanctions screening support help banks and finance companies meet anti-money laundering obligations, which differs from portfolio management, bullion trading or insurance underwriting.

  1. AFinancial crime compliance service for regulated entitiesCorrect
  2. BPortfolio management service for retail investors
  3. CBullion trading on the India International Bullion Exchange
  4. DUnderwriting of insurance risks for corporates

Explanation

Customer due diligence support, transaction monitoring and sanctions screening are compliance functions that help regulated entities meet anti-money laundering and related obligations. They are not investment management, bullion trading or insurance underwriting, so the first option is the only fitting description.

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