Topic: Law Relating to Banking

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  • 4 Marks

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

Identify transactions under surveillance per the Money Laundering Act.

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.

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  • 1 Marks

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

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

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

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  • 10 Marks

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

Explain the functions of the Central Bank of Nigeria.

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

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  • 1 Marks

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.

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.

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  • 1 Marks

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

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

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

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  • 1 Marks

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

Identify the primary duty of an auditor in a company.

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

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  • 1 Marks

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

Identify the nature of a contract of insurance.

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

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  • 1 Marks

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

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

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

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  • 1 Marks

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.

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

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  • 1 Marks

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

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

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

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  • 1 Marks

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

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

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

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  • 1 Marks

BL – Nov 2013 – L1 – SA – Q19 – Law Relating to Banking

Identifies the condition under which a debtor is considered bankrupt.

A debtor is said to be bankrupt when

A. A creditor obtains a final court order against him
B. A court declares that he is solvent
C. He pays his debts
D. He promises to pay his creditors
E. The creditors do not trust him

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  • 1 Marks

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

Examines indemnity in an insurance contract.

In an Insurance contract, the insured is indemnified on payment of the

A. Price
B. Premium
C. Interest
D. Discount
E. Instalment

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  • 1 Marks

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

Identifying non-functions of the Central Bank of Nigeria.

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

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  • 1 Marks

BL – Nov 2015 – L1 – SA – Q12 – Law Relating to Banking

Court jurisdiction for trying offences under the Money Laundering Act.

The court that has the exclusive jurisdiction to try offences under the Money Laundering (Prohibition) Act is the
A. State High Court
B. Magistrate Court
C. Federal High Court
D. Sharia Court of Appeal
E. Criminal Court

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  • 1 Marks

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

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

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

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  • 1 Marks

BL – May 2018 – L1 – SA – Q9 – Law Relating to Banking

Identify the limit of cash payment or acceptance under the Money Laundering Act.

The limit of cash payment or acceptance by a body corporate outside a financial institution under the Money Laundering (Prohibition) Act is
A. N1,000,000.00
B. N2,000,000.00
C. N5,000,000.00
D. N7,500,000.00
E. N10,000,000.00

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  • 1 Marks

BL – Nov 2014 – L1 – SA – Q13 – Law Relating to Banking

Identifying the main purpose of the Nigeria Deposit Insurance Corporation Act

The Nigeria Deposit Insurance Corporation Act 2003 established the Nigeria Deposit Insurance Corporation which is aimed at protecting:
A. Insurance Industry in Nigeria
B. Life Insurance Industry in Nigeria
C. Depositors’ money in banks
D. Government bond
E. Commercial Banks’ deposit with the Central Bank of Nigeria

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  • 8 Marks

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

State four duties of a bank customer.

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.

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  • 1 Marks

BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking

Define the agreement where a company provides compensation for loss, damage, illness, or death in exchange for a premium.

An agreement by which a company undertakes to provide compensation for a specified loss, damage, illness, or death in return for payment of a specified premium is known as
A. Champerty
B. Insurance
C. Underwriting
D. Compensation
E. Distress sale

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