Choose the correct answer with reason (s)/justification in each case, out of the given alternatives: (i) Money Laundering refers to : (a) Transfer of assets/cash from one account to another (b) Conversion of illegal mone
CS Professional · Banking - Law and Practice · PYQS · June 2018
Choose the correct answer with reason (s)/justification in each case, out of the given alternatives: (i) Money Laundering refers to : (a) Transfer of assets/cash from one account to another (b) Conversion of illegal money through banking channels. (c) Conversion of cash into gold for hoarding. (d) Conversion of assets into cash to avoid income tax.
Answer & Explanation:
(b) Conversion of illegal money through banking channels.
Topics: Anti-Money Laundering (AML)
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