Vol.(10) 2026: IBPS’ Bank Law Officer Entrance/ Promotion Exam- (1-Liners)

Date of Upload:16.10.2026

1. Which part of the Constitution of India, 1950 allows enactment of law relating to money-laundering—Entry 93 of the Union List.
2. The Prevention of Money Laundering Act (PMLA) was enacted in the year—2002.
3. Out of SARFAESI Act, 2002 and the PMLA Act, 2002 which one was notified later—PMLA, 2002.
4. True/ False: The Prevention of Money Laundering Act, 2002 (PMLA) extends to whole of India—True.
5. True/ False: Offence of money laundering is a cognizable and non-bailable offence—True.
6. Who is the investigating authority under PMLA?—Enforcement Directorate (ED).
7. Reporting Authority under PMLA, 2002 includes—Banking Companies, Financial Institutions, Intermediaries.
8. Which Section of PMLA, 2002 deals with attachment of property—Section 5.
9. The Banks/ Financial Institutions have duty to verify the identity of the account holders under Section?—Section 11-A.
10. The Banks/ Financial Institutions have duty to maintain records as to suspicious transaction under Section?—Section 12.
11. The “Offence of Money-Laundering” is defined under Section_______of the Prevention of Money Laundering Act, 2002 (PMLA)—Section 3.
12. Who is empowered to attach property under PMLA, 2002—Director or Authorized Officer of ED.
13. Adjudicating Authority under PMLA, 2002 is constituted by whom?—Central Government.
14. Under the Prevention of Money Laundering Act, 2002 (PMLA) an individual who ultimately owns or controls a client of a reporting entity or the person on whose behalf a transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person, is called—Beneficial Owner. [Refer Section 2(fa)].
15. The expression “Proceeds of Crime” is defined under Section_______ the Prevention of Money Laundering Act, 2002 (PMLA)—Section 2(a).
16. Any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property or where such property is taken or held outside the country, then the property equivalent in value held within the country or abroad, is called—Proceeds of Crime. [Refer Section 2(u)].
17. Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of which offence—Offence of Money-Laundering. [Refer Section 3].
18. Which Authority is responsible for investigating offences under the Prevention of Money Laundering Act, 2002 (PMLA)—Enforcement Directorate.
19. The punishment range for the offence of money laundering is—Minimum Imprisonment 3-years while maximum 7-years and shall also be liable to fine.
20. Which Section of Prevention of Money Laundering Act, 2002 (PMLA) deals with attachment of property—Section 8.
21. The burden of proof of Money Laundering cases under Prevention of Money Laundering Act, 2002 (PMLA) lies on whom?—The Accused.
22. Which body maintain the records of financial transactions under PMLA, 2002—FIU-IND. [Financial Intelligence Unit – India]
23. Under Section 12 of the Prevention of Money Laundering Act, 2002 (PMLA), information retention is required for________years even after closure of account—5 Years.
24. Which Section of the Prevention of Money Laundering Act, 2002 (PMLA) mandates for enhanced due diligence—Section 12AA.
25. The information obtained while applying the enhanced due diligence measures shall be maintained for a period of ______ years from the date of transaction between a client and the reporting entity—5-Years.
26. Under the Prevention of Money Laundering Act, 2002 (PMLA), on the expiry of the period ___________days, the property seized shall be returned to the person from whom such property was seized or whose property was ordered to be frozen unless the Adjudicating Authority permits retention or continuation of freezing of such property beyond the said period—180-Days [Section 20].
27. Under Prevention of Money Laundering Act, 2002 (PMLA), the provisional attachment (i.e temporary attachment) can be made for a period of _______days?—180-Days.
28. Under Prevention of Money Laundering Act, 2002 (PMLA), who confirms the attachment of property—Adjudication Authority.
29. True/ False: Where money-laundering involves two or more inter-connected transactions and one or more such transactions is or are proved to be involved in money-laundering, then for the purposes of adjudication or confiscation or for the trial of the money-laundering offence, it shall, unless otherwise proved, be presumed that the remaining transactions from part of such inter-connected transactions—True. [Refer Section 23 deals with the presumption in inter-connected transactions].
30. Offence under the Prevention of Money Laundering Act, 2002 (PMLA) is triable by which Court—Special Court.
31. Who prosecutes PMLA offence in Court?—Public Prosecutors authorized by Enforcement Directorate (ED)
32. Under the Prevention of Money Laundering Act, 2002 (PMLA), the Appellate Tribunal constituted under which Act shall be the Appellate Tribunal for hearing appeals against the orders of the Adjudicating Authority and the other authorities—The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. [Refer Section 25].
33. Any person aggrieved by any decision or order of the Appellate Tribunal under the Prevention of Money Laundering Act, 2002 (PMLA) may file an appeal to which Court—The High Court. [Refer Section 42].
34. Any person aggrieved by any decision or order of the Appellate Tribunal under the Prevention of Money Laundering Act, 2002 (PMLA) may file an appeal to which Court the High Court within ______ days from the date of communication of the decision or order of the Appellate Tribunal—60 Days. [Refer Section 42].
35. The Appeal period of 60 days before the High Court under PMLA, may be extended by the High Court for further________—60 Days. [Refer Section 42].
36. Appeal to the High Court against the Order of the Appellate Tribunal under the Prevention of Money Laundering Act, 2002 (PMLA) shall be made on which grounds—Any question of law or fact. [Refer Section 42].
37. Under Prevention of Money Laundering Act, 2002 (PMLA), the reporting entities must file a report known as—STR [Suspicious Transaction Report].

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