Law Relating to Banking – Page 4

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Topic: Law Relating to Banking
Series: NOV 2011

BL – May 2022 – L1 – SA – Q13 – Law Relating to Banking

Identify the operational expense that a bank does not need to write off before paying dividends.

Question

The operational expenses that a bank must write off before paying dividends include the following, EXCEPT
A. Preliminary expenses
B. Set off
C. Organisational expenses
D. Share selling commission
E. Brokerage

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Dividends, Operational Expenses
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

Find Related Questions by Tags, levels, etc.

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

Topic: Law Relating to Banking
Series: MAY 2021

BL – May 2021 – L1 – SA – Q9 – Law Relating to Banking

Admissibility of ISP records as evidence in court.

Question

The internal records of an Internet Service Provider (ISP) of a customer’s online activity are admissible in evidence as business records if:

A. Implied
B. Implicated
C. Authenticated
D. Ratified
E. Annexed

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Records, Evidence, Internet Service Provider
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2021

BL – Nov 2023 – L1 – SB – Q4c – Law Relating to Banking

Lists five specialised banks in Nigeria as defined by the Banks and Other Financial Institutions Act (BOFIA).

Question

The Banks and Other Financial Institutions Act (BOFIA) defined the role of banks in Nigeria.

Required:
State FIVE specialised banks in Nigeria. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

Question

The Economic and Financial Crimes Commission (EFCC) Act relates to activities that are offenses:
Required:
i. Explain briefly “Economic Crime” as contained in the EFCC Act.

ii State TWO examples of economic crime. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Crime, EFCC Act, Financial Crimes
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2019

BL – May 2023 – L1 – SA – Q6 – Law Relating to Banking

Identify the insurance principle that allows the insurer to take over and enforce the rights of the insured.

Question

he insurance principle which allows an insurance company to take over and enforce the right of the insured is known as:

A. Usurpation
B. Representation
C. Subrogation
D. Contribution
E. Impersonation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance Law, Insurance Principles, Legal Rights, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2023

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

Question

Electronic evidence is currently admissible under the Nigerian law.

Required:
On which condition could a customer’s online transaction be admitted in evidence?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Admissibility, Electronic Evidence, Legal Requirements
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SB – Q3d – Law Relating to Banking

Identifies the powers the National Drug Law Enforcement Agency can exercise under the Money Laundering (Prohibition) Act to locate proceeds related to crimes.

Question

The National Drug Law Enforcement Agency has certain powers over bank accounts pursuant to the Money Laundering (Prohibition) Act.

Required:
State THREE powers that the Agency may exercise to identify and locate proceeds of property or things related to commission of offence.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Investigation, Law Enforcement Powers, Money laundering, Proceeds of Crime
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking

Examines the nature of security provided for indebtedness under insolvency law and classifies the form of security (mortgage or pledge) based on the facts provided.

Question

Jaugernault Plc borrowed N100 million from Kokote Bank Plc and secured the payment of the loan with a property named in the loan document as the house at No 2, Coconut Avenue, Enugu. The document is expressed to be a deed, and the borrower company does not have the power to manage the house in the ordinary course of business. The house is transferred to Kokote Bank Plc subject to cessation on redemption.

Required:

i. Explain the nature of the security of the indebtedness under insolvency law. (2 Marks)

ii. From the facts, state if it amounts to a mortgage or pledge and indicate the type. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Borrowing, Insolvency Law, Mortgage, Pledge, Security
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

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

Find Related Questions by Tags, levels, etc.

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

Topic: Law Relating to Banking
Series: MAY 2017

Topic: Law Relating to Banking

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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

Identify transactions under surveillance per the Money Laundering Act.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q2b – Law Relating to Banking"

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

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

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking"

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

Explain the functions of the Central Bank of Nigeria.

You're reporting an error for "BL – May 2012 – L1 – SB – Q2A – Law Relating to Banking"

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.

You're reporting an error for "BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking"

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

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

You're reporting an error for "BL – May 2012 – L1 – SA – Q20 – Law Relating to Banking"

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

Identify the primary duty of an auditor in a company.

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

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

Identify the nature of a contract of insurance.

You're reporting an error for "BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking"

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

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

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking"

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.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking"

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

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

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q7 – Law Relating to Banking"

BL – May 2022 – L1 – SA – Q13 – Law Relating to Banking

Identify the operational expense that a bank does not need to write off before paying dividends.

You're reporting an error for "BL – May 2022 – L1 – SA – Q13 – Law Relating to Banking"

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.

You're reporting an error for "BL – May 2021 – L1 – SA – Q20 – Law Relating to Banking"

BL – May 2021 – L1 – SA – Q9 – Law Relating to Banking

Admissibility of ISP records as evidence in court.

You're reporting an error for "BL – May 2021 – L1 – SA – Q9 – Law Relating to Banking"

BL – Nov 2023 – L1 – SB – Q4c – Law Relating to Banking

Lists five specialised banks in Nigeria as defined by the Banks and Other Financial Institutions Act (BOFIA).

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q4c – Law Relating to Banking"

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking"

BL – May 2023 – L1 – SA – Q6 – Law Relating to Banking

Identify the insurance principle that allows the insurer to take over and enforce the rights of the insured.

You're reporting an error for "BL – May 2023 – L1 – SA – Q6 – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q3d – Law Relating to Banking

Identifies the powers the National Drug Law Enforcement Agency can exercise under the Money Laundering (Prohibition) Act to locate proceeds related to crimes.

You're reporting an error for "BL – May 2017 – L1 – SB – Q3d – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking

Examines the nature of security provided for indebtedness under insolvency law and classifies the form of security (mortgage or pledge) based on the facts provided.

You're reporting an error for "BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking"

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.

You're reporting an error for "BL – May 2017 – L1 – SA – Q20 – Law Relating to Banking"

Our offerings

Contact Info

Customer

Get In Touch

admin