Banking Law – Page 2

BL – May 2012 – L1 – SA – Q7 – Negotiable Instruments

Identifying conditions under which a bank may be excused from paying a customer's cheque.

Question

A bank may be excused from the obligation to pay a customer’s cheque EXCEPT when:

A. There is an unsigned alteration on the cheque
B. The cheque is stale
C. The drawer’s death comes to the notice of the bank
D. The bank does not have enough cash
E. There is an effective countermand

Answer

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Tags: Banking Law, Business Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2012

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Identifying the apex bank in Nigeria that issues monetary policy circulars.

Question

The apex bank in Nigeria that issues Monetary Policy circulars is ………………………

Answer

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Tags: Banking Law, Central Bank, Monetary Policy
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q7 – Law Relating to Banking

Identify the threshold at which a financial institution must report to the EFCC.

Question

A financial institution has the duty to report to the Economic and Financial Crimes Commission (EFCC) within seven days of lodgement by an individual of an amount exceeding:
A. N100,000,000
B. N10,000,000
C. N5,000,000
D. N2,500,000
E. N1,000,000

Answer

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Tags: Banking Law, EFCC Reporting, Financial Institution
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking

This question tests the number of days required for a financial institution to report large transfers to the EFCC.

Question

How many days are required for a financial institution to report to the Economic and Financial Crimes Commission the transfer of funds in excess of N10 million by an individual?

A. 5
B. 6
C. 7
D. 10
E. 30

Answer

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Tags: Banking Law, EFCC, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2014 – L1 – SB – Q6 – Negotiable Instruments

Discussing characteristics of negotiable instruments and banker duties.

Question

a. “A Negotiable Instrument must express clarity in the instruction on the instrument without any ambiguity”. Explain TWO characteristics of a Negotiable Instrument. (4 Marks)

b. The relationship between the banker and his customer is said to be the relationship between a debtor and a creditor. You are required to state FIVE duties of a banker to its customer. (5 Marks)

c. A testator that has made a Will can only revoke it under certain circumstances. Explain THREE ways by which a Will may be revoked. (6 Marks)

Answer

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Tags: Banking Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2014

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Question on identifying the person in whose favour a Bill is drawn.

Question

The person in whose favour a Bill is drawn, is known as ………………………….

Answer

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Tags: Banking Law, Bills of Exchange, Holder, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Law Relating to Banking

Question about the body responsible for regulating monetary policy in Nigeria.

Question

The body that regulates the monetary policy in Nigeria is the ………………………….

Answer

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Tags: Banking Law, Monetary Policy, Nigerian Economy, Regulation
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

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Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2015 – L1 – SA – Q20 – Law Relating to Banking

Identifying non-functions of the Central Bank of Nigeria.

Question

Which of the following is NOT a function of the Central Bank of Nigeria?
A. Issuing and distribution of Nigerian currency
B. Issuing and dealing in shares and debentures
C. Management of Nigeria’s external reserves
D. Promotion of monetary stability
E. Banker and financial adviser to government

Answer

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Tags: Banking Law, Central Bank, Financial Functions, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q9 – Law Relating to Banking

Legal limit for bank deposits without further obligations under the Money Laundering Act.

Question

Under the Money Laundering (Prohibition) Act, the maximum sum of money that an individual may deposit in a bank account without further obligation is
A. N700,000
B. N800,000
C. N900,000
D. N500,000
E. N1,000,000

Answer

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Tags: Banking Law, Legal Limits, Money laundering, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2015

BL – Nov 2021 – L1 – SA – Q17 – Agency Law

Defining when a banker/customer relationship comes into being.

Question

A banker/customer relationship comes into being only when a person
A. Transacts any business with a bank
B. Has an account in his name in a bank
C. Presents a cheque to a bank for payment
D. Has a contractual relationship of whatever kind with a bank
E. Works for a bank

Answer

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Tags: Banker-Customer Relationship, Banking Law
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – May 2022 – L1 – SB – Q1c – Law Relating to Banking

State four duties of a bank customer.

Question

Mrs. Ore Nnaji recently opened a bank account and wonders what rights and duties she has on her account.

Required:
State FOUR duties of a bank customer.

Answer

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Tags: Bank Customer, Banking Law, Duties
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2022

BL – May 2021 – L1 – SA – Q20 – Law Relating to Banking

Identifying the entity prohibited from making a cash payment of more than N5,000,000 except through a financial institution.

Question

Under the Money Laundering (Prohibition) Act, except through a financial institution, a cash payment of not more than N5,000,000 must not be made by a/an:

A. Private company
B. Body corporate
C. Non-governmental organisation having incorporated trustees
D. Individual
E. Government agency

Answer

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Tags: Banking Law, Financial Institution, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2021

BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments

Explain special crossing on a cheque and identify narrations on a specially crossed cheque.

Question

A cheque may be crossed in different ways. Required:

i. Explain briefly “special crossing” on a cheque. (2 Marks)

ii. State TWO narrations that may be placed on such a crossed cheque. (2 Marks)

Answer

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Tags: Banking Law, Cheques, Legal Principles, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2023

BL – May 2023 – L1 – SA – Q7 – Negotiable Instruments

Identify the correct term for the person who orders payment through a cheque.

Question

The person who orders money to be paid on his behalf to a named person through a cheque is called:

A. Payee
B. Payer
C. Drawer
D. Drawee
E. Payor

Answer

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Tags: Banking Law, Cheque, Drawer, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2023

BL – May 2017 – L1 – SA – Q20 – Law Relating to Banking

Identifies an objective that is not part of the Central Bank of Nigeria's mandate.

Question

The objects of the Central Bank of Nigeria include the following EXCEPT
A. Ensure monetary and price stability
B. Issue of legal tender
C. Maintenance of external reserves
D. Promotion of sound financial system
E. Banker to the ECOWAS

Answer

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Tags: Banking Law, Central Bank of Nigeria, Legal Objectives, Monetary Policy
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SA – Q17 – Law Relating to Banking

Identifies an activity that is not included in the general scope of banking business.

Question

Banking business includes the following EXCEPT
A. Purchase of bills and cheques
B. Granting of money loans
C. The effect of transfers and clearing
D. Warehousing
E. Purchasing and Sales of Securities for account of others

Answer

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Tags: Banking Activities, Banking Law, Contract Law, Financial Services
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SA – Q9 – Law Relating to Banking

Identifying a non-purpose of the Money Laundering Act.

Question

Which of the following is NOT a purpose of the Money Laundering (Prohibition) Act?
A. Limiting the amount of cash withdrawal from bank account
B. Regulating public cash procurement
C. Regulation of over-the-counter exchange transaction
D. Provision of proper means of identifying bank customers
E. Enabling the National Drug Law Enforcement Agency to place surveillance on bank account

Answer

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Tags: Banking Law, Financial Crime Prevention, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2024 – L1 – SB – Q6d Law Relating to Banking-

This question asks candidates to state four principal functions of the Central Bank of Nigeria under its enabling Act.

Question

d. The Central Bank of Nigeria is the banker’s bank.

Required:
State FOUR principal functions of the Central Bank of Nigeria under its enabling Act. (6 Marks)

Answer

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Tags: Banking Law, Central Bank, Financial Regulation, Monetary Policy
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2024

BL – MAY 2016 – L1 – SB – Q2c – Law Relating to Banking

This question addresses the mandatory disclosure requirements and surveillance measures under the Money Laundering (Prohibition) Act.

Question

The Money Laundering (Prohibition) Act was enacted to check economic crimes.

Required:
Explain briefly the following:
i. Mandatory disclosure by financial institutions under the Money Laundering (Prohibition) Act, and the limitation of lodgment of funds by a corporate body. (4 Marks)

ii. Surveillance on bank account. (3 Marks)

Answer

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Tags: Banking Law, Financial Regulations, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

Question Tag: Banking Law

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BL – May 2012 – L1 – SA – Q7 – Negotiable Instruments

Identifying conditions under which a bank may be excused from paying a customer's cheque.

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BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Identifying the apex bank in Nigeria that issues monetary policy circulars.

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BL – Nov 2011 – L1 – SA – Q7 – Law Relating to Banking

Identify the threshold at which a financial institution must report to the EFCC.

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BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking

This question tests the number of days required for a financial institution to report large transfers to the EFCC.

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BL – May 2014 – L1 – SB – Q6 – Negotiable Instruments

Discussing characteristics of negotiable instruments and banker duties.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Question on identifying the person in whose favour a Bill is drawn.

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BL – Nov 2013 – L1 – SA – Q17 – Law Relating to Banking

Question about the body responsible for regulating monetary policy in Nigeria.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

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BL – Nov 2015 – L1 – SA – Q20 – Law Relating to Banking

Identifying non-functions of the Central Bank of Nigeria.

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BL – Nov 2015 – L1 – SA – Q9 – Law Relating to Banking

Legal limit for bank deposits without further obligations under the Money Laundering Act.

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BL – Nov 2021 – L1 – SA – Q17 – Agency Law

Defining when a banker/customer relationship comes into being.

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BL – May 2022 – L1 – SB – Q1c – Law Relating to Banking

State four duties of a bank customer.

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BL – May 2021 – L1 – SA – Q20 – Law Relating to Banking

Identifying the entity prohibited from making a cash payment of more than N5,000,000 except through a financial institution.

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BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments

Explain special crossing on a cheque and identify narrations on a specially crossed cheque.

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BL – May 2023 – L1 – SA – Q7 – Negotiable Instruments

Identify the correct term for the person who orders payment through a cheque.

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BL – May 2017 – L1 – SA – Q20 – Law Relating to Banking

Identifies an objective that is not part of the Central Bank of Nigeria's mandate.

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BL – May 2017 – L1 – SA – Q17 – Law Relating to Banking

Identifies an activity that is not included in the general scope of banking business.

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BL – May 2017 – L1 – SA – Q9 – Law Relating to Banking

Identifying a non-purpose of the Money Laundering Act.

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BL – May 2024 – L1 – SB – Q6d Law Relating to Banking-

This question asks candidates to state four principal functions of the Central Bank of Nigeria under its enabling Act.

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BL – MAY 2016 – L1 – SB – Q2c – Law Relating to Banking

This question addresses the mandatory disclosure requirements and surveillance measures under the Money Laundering (Prohibition) Act.

You're reporting an error for "BL – MAY 2016 – L1 – SB – Q2c – Law Relating to Banking"

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