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Compliance Plan Assessment and Reporting Quiz

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Compliance Plan Assessment and Reporting Quiz

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Questions and Answers

What was the primary reason for Alice's negative shift in attitude toward life?

Being dissatisfied with her career progression

Meeting Jim, who was living a lavish lifestyle despite a third-class division (correct)

Experiencing personal financial difficulties

Feeling undervalued at the university

How did Alice attempt to succeed in life following her meeting with Jim?

By starting her own legitimate business

By seeking assistance from the Bank’s Internal Control Department

By shifting her career focus to fraud prevention

By opening a corporate account for a business allegedly belonging to Jim (correct)

Why were several fraudulent activities carried out within a spate of two weeks?

Alice's sudden disappearance from work

The absence of fraud prevention training

The bank's failure to conduct internal audits

The lack of adherence to basic Know-Your Customer (KYC) and Customer Due Diligence (CDD) principles (correct)

What was discovered about JIMCART Limited after an investigation by the Bank’s Internal Control Department?

No Search was conducted on JIMCART Limited as it was not on the list of companies at the Corporate Affair Commission (CAC) Signup and view all the answers

What type of information did Mr. Frederick Sharp provide falsely on the loan application form?

His income and employment status Signup and view all the answers

What led to Alice abruptly disappearing from work?

The discovery of fraudulent activities by the Bank’s Internal Control Department Signup and view all the answers

How did the bank fail in terms of conducting necessary checks on JIMCART Limited?

No Search was conducted on JIMCART Limited as it was not on the list of companies at the Corporate Affair Commission (CAC) Signup and view all the answers