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Banking Regulations and Restrictions

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Questions and Answers

What is the primary purpose of the KYC principles and Customer Due Diligence (CDD) in banks?

To monitor and report suspicious transactions (correct)

To ensure customer satisfaction

To apply sanctions on non-compliant customers

To detect and prevent fraud

Which of the following regulatory bodies is responsible for enforcing the Money Laundering (Prohibition) Act, 2011 (as amended)?

NFIU

CBN (correct)

ICPC

EFCC

What is the primary goal of the Tiered KYC accounts?

To segment customers based on risk levels (correct)

To provide special privileges to premium customers

To restrict transactions for high-risk customers

To apply differential interest rates

What is the consequence of non-compliance with the KYC regulations by financial institutions?

Penalties and regulatory infractions Signup and view all the answers

Which of the following is NOT a role of the stakeholders in deterring fraud in a bank?

Investigating and prosecuting fraud cases Signup and view all the answers

What is the primary purpose of the Customer Identification Requirements?

To verify customer identity Signup and view all the answers

Which of the following is a feature of fraud?

Lack of transparency Signup and view all the answers

What is the primary role of the EFCC in the banking sector?

To investigate and prosecute financial crimes Signup and view all the answers

Which of the following is a consequence of a perfect signature being traced as forgery?

All of the above Signup and view all the answers

What is the primary purpose of the CBN (AML/CFT in Banks and Other Financial Institutions in Nigeria) Regulations, 2013 (as amended)?

To prevent money laundering and terrorist financing Signup and view all the answers