Question

As a rule, banks should not open an account in the sole name of a person of unsound mind (lunatic) because:

• A. It may lead to money laundering activities.
• B. The account holder may not be able to provide required KYC documents.
• C. They lack contractual capacity
• D. It could violate international banking regulations.

Answer 1

Answer:

C. They lack contractual capacity

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