Law Relating to Banking – Page 2

BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking

Identify transactions under surveillance per the Money Laundering Act.

Question

The Money Laundering (Prohibition) Act empowers the agency to place surveillance on certain bank account transactions to curb money laundering.

Required:
State FOUR transactions which require special surveillance under the Act.

Answer

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Tags: Banking Regulations, Financial Transactions, Money laundering, Surveillance
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

Question

14. The document issued by the insurer to obtain material information that will form the basis of a contract of insurance is
A. Insurance policy
B. Proposal form
C. Insurance paper
D. Information document
E. Agreement paper

Answer

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Tags: Contract Basis, Documentation, Insurance, Proposal Form
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

BL – May 2012 – L1 – SB – Q2A – Law Relating to Banking

Explain the functions of the Central Bank of Nigeria.

Question

The Central Bank of Nigeria is created by statute to superintend monetary affairs. Explain FIVE functions of the Bank.

Answer

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Tags: Business Law, Central Bank, Functions
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

Question

State the principle of law which has been formulated to do equity between two or more insurers where one of them has fully settled the claim of the insured in respect of which both or all of them are liable.

Answer

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Tags: Business Law, Insurance, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q20 – Law Relating to Banking

Identify the legal term for the state taking possession of a debtor's property.

Question

The proceedings whereby the State takes over the possession of the property of a debtor and distributes them among persons whom the debtor owes money is known as:

A. Bankruptcy
B. Matrimonial causes proceedings
C. Lifting the veil proceedings
D. Garnishee proceedings
E. Binding over proceedings

Answer

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Tags: Bankruptcy, Business Law, Proceedings
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify the primary duty of an auditor in a company.

Question

The duty of an auditor of a company is to:

A. Examine the books of accounts of a company and express his opinion thereon
B. Verify the financial statements on payment of salaries and allowances
C. Verify the financial statements on monthly imprests and express reservation
D. Verify the financial aspects of contracts to be awarded by the company
E. Audit the company based on its internal control system

Answer

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Tags: Auditor Duties, Business Law, Corporate Governance
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

Question

A contract of insurance can be described as one of:

A. Uberrimae fidei
B. Non est factum
C. Volenti non fit injuria
D. Ultra vires
E. Actionable per se

Answer

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Tags: Business Law, Contract Law, Insurance
Level: Level 1

Topic: Law Relating to Banking
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 – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

Question

The period between two Annual General Meetings must not exceed:
A. 18 months
B. 15 months
C. 13 months
D. 12 months
E. 6 months

Answer

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Tags: EFCC, Financial Crimes, Financial Institution Reporting
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 – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

A. Notice of lunacy of the customer
B. Notice of presentation of a bankruptcy petition against the customer
C. Notice of an accident in which the customer is involved
D. Assignment of the balance in his account by the customer
E. Where the customer’s credit balance in the bank is insufficient to cover the cheque

Answer

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Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

Question

Explain THREE reasons for which a creditor shall be entitled to present a bankruptcy petition against a debtor.

Answer

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Tags: Bankruptcy, Creditor’s Petition, Liquidated Debt
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SA – Q20 – Law Relating to Banking

This question tests the authority of the court regarding the discharge of a bankrupt.

Question

Which court has the power to order the discharge of a bankrupt?

Answer

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Tags: Bankruptcy, Court Authority, Discharge
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SA – Q12 – Law Relating to Banking

This question tests the knowledge of which court has exclusive jurisdiction on matters pertaining to the taxation of limited liability companies.

Question

Which court has exclusive jurisdiction on matters pertaining to the taxation of limited liability companies?

A. High Court of a State
B. High Court of the Federal Capital Territory
C. Federal High Court
D. Court of Appeal
E. Supreme Court

Answer

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Tags: Corporate Tax Law, Jurisdiction, Taxation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SA – Q11 – Law Relating to Banking

This question tests the knowledge of the official responsible for administering a debtor's estate in bankruptcy.

Question

The person charged with the duty of administering a debtor’s estate in a bankruptcy proceeding is known as the:

A. Liquidator
B. Official Receiver
C. Registrar of the Supreme Court
D. Auctioneer
E. Executor

Answer

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Tags: Bankruptcy, Insolvency, Official Receiver
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

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 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

Question

Bankruptcy petition by a group of creditors who acts together against a common debtor who is known to be insolvent is a ____________.

Answer

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Tags: Bankruptcy, Creditors, Insolvency
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

Question

The type of crossing by which a cheque can only be deposited and collected through the bank account of the person whose name is written on it is a ____________.

Answer

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Tags: Banking, Cheques, Crossing
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2014 – L1 – SA – Q20 – Law Relating to Banking

Identifying which court has original jurisdiction in bankruptcy cases.

Question

The court that has original jurisdiction to entertain a suit on bankruptcy is:
A. State High Court
B. Sharia Court of Appeal
C. National Industrial Court
D. Customary Court of Appeal
E. Federal High Court

Answer

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Tags: Bankruptcy, Court Jurisdiction, Legal Procedure
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying circumstances under which a banker may disclose customer information.

Question

A banker may disclose information of its customer’s account in the following circumstances EXCEPT where:
A. The banker is lawfully compelled to do so
B. The customer’s creditor demands it
C. It is in the banker’s interest to disclose it
D. The customer makes express or implied request for it
E. The banker is required to disclose by law

Answer

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Tags: Banking, Confidentiality, Disclosure
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

Topic: Law Relating to Banking

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BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking

Identify transactions under surveillance per the Money Laundering Act.

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BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

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BL – May 2012 – L1 – SB – Q2A – Law Relating to Banking

Explain the functions of the Central Bank of Nigeria.

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BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

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BL – May 2012 – L1 – SA – Q20 – Law Relating to Banking

Identify the legal term for the state taking possession of a debtor's property.

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BL – May 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify the primary duty of an auditor in a company.

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BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

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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 – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

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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 – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

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BL – May 2013 – L1 – SA – Q20 – Law Relating to Banking

This question tests the authority of the court regarding the discharge of a bankrupt.

You're reporting an error for "BL – May 2013 – L1 – SA – Q20 – Law Relating to Banking"

BL – May 2013 – L1 – SA – Q12 – Law Relating to Banking

This question tests the knowledge of which court has exclusive jurisdiction on matters pertaining to the taxation of limited liability companies.

You're reporting an error for "BL – May 2013 – L1 – SA – Q12 – Law Relating to Banking"

BL – May 2013 – L1 – SA – Q11 – Law Relating to Banking

This question tests the knowledge of the official responsible for administering a debtor's estate in bankruptcy.

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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.

You're reporting an error for "BL – May 2013 – L1 – SA – Q10 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking

Identifying the term for a bankruptcy petition against a common debtor.

You're reporting an error for "BL – May 2014 – L1 – SA – Q19 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q20 – Law Relating to Banking

Identifying which court has original jurisdiction in bankruptcy cases.

You're reporting an error for "BL – May 2014 – L1 – SA – Q20 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying circumstances under which a banker may disclose customer information.

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