Law Relating to Banking – Page 5

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 – 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 – MarJul 2020 – L1 – SA – Q8 – Law Relating to Banking

Question testing knowledge of the reporting limits for foreign exchange transactions under the Money Laundering Act.

Question

Under the Money Laundering (Prohibition) Act, what is the limit of foreign exchange in a single transfer that must be reported to the Central Bank of Nigeria?
A. $10,000
B. $20,000
C. $50,000
D. $100,000
E. $500,000

Answer

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Tags: Central Bank, Financial Regulation, Foreign Exchange, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAR/JULY 2020

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 – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

Question

Insurance is to mitigate the effect of losses when they occur.

Required:

Explain briefly the term “Insurable Interest”.

Answer

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Tags: Insurable Interest, Insurance, Risk Management
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

BL – May 2024 – L1 – SB – Q5c – Law Relating to Banking

This question asks candidates to state two types of transactions that require special surveillance under the Money Laundering (Prohibition) Act.

Question

The Money Laundering (Prohibition) Act requires financial institutions to keep special surveillance on some transactions.

Required:
State TWO transactions that require the special surveillance of financial institutions. (4 Marks)

Answer

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Tags: Compliance, Financial Institutions, Financial Transactions, Money laundering, Special Surveillance
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

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

Question

Insurance contract is broadly divided into
A. Two categories
B. Three categories
C. Four categories
D. Five categories
E. Six categories

Answer

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

Topic: Law Relating to Banking
Series: MAY 2016

BL – May 2016 – L1 – SA – Q9 – Law Relating to Banking

Identify the maximum amount allowed for cash payment without financial institution involvement.

Question

The Money Laundering (Prohibition) Act provides that no individual person shall make or accept cash payment, EXCEPT through a financial institution, of an amount of money exceeding the sum of
A. ₦1,500.00
B. ₦2,000.00
C. ₦4,000.00
D. ₦3,000.00
E. ₦5,000.00

Answer

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Tags: Financial Transactions, Legal Limits, Money laundering
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

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 – 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 – MarJul 2020 – L1 – SA – Q8 – Law Relating to Banking

Question testing knowledge of the reporting limits for foreign exchange transactions under 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.

You're reporting an error for "BL – May 2024 – L1 – SB – Q6d Law Relating to Banking-"

BL – May 2016 – L1 – SB – Q3d – Law Relating to Banking

Explain the concept of insurable interest in insurance law.

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BL – May 2024 – L1 – SB – Q5c – Law Relating to Banking

This question asks candidates to state two types of transactions that require special surveillance under the Money Laundering (Prohibition) Act.

You're reporting an error for "BL – May 2024 – L1 – SB – Q5c – Law Relating to Banking"

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"

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2016 – L1 – SA – Q9 – Law Relating to Banking

Identify the maximum amount allowed for cash payment without financial institution involvement.

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