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Ethics and Compliance in Business

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Questions and Answers

Which of the following best describes the principal-agent problem?

A situation where banks are not regulated by any external authority

A situation where banks regulate themselves

A situation where banks act in their own self-interest rather than in the interest of their clients (correct)

A situation where banks are required to comply with ethical standards

Which of the following is an example of unethical behavior in banking?

Implementing internal compliance measures

Engaging in money laundering (correct)

Providing payment protection insurance

Cross-selling products to clients

What is the difference between internal and external compliance in banking?

Internal compliance refers to a bank's adherence to its own ethical standards, while external compliance refers to adherence to external regulations (correct)

Internal compliance refers to a bank's adherence to ethical standards set by the government, while external compliance refers to adherence to internal regulations

Internal compliance refers to a bank's adherence to external regulations, while external compliance refers to a bank's adherence to its own ethical standards

Internal compliance refers to a bank's adherence to internal regulations, while external compliance refers to adherence to ethical standards set by the government

Why do criminal enterprises seek to use banks to launder illegally acquired assets?

Because banks provide anonymity and legitimacy to illegal funds (A) Signup and view all the answers

What is the relationship between ethics, regulation, and compliance in banking?

Ethics guides regulation and compliance in banking (C) Signup and view all the answers

Which of the following is a key reason why banking is a regulated industry?

To prevent unethical behavior (B) Signup and view all the answers

What is the term used to describe the process of using banks to launder illegally acquired assets?

Money laundering (C) Signup and view all the answers

Which of the following is an example of money laundering in popular culture?

Instances of money laundering since 2000 (A) Signup and view all the answers

Why did Banking Institutes not take root?

Lack of trust (C) Signup and view all the answers

What will candidates learn after completing this module?

How to prevent unethical behavior in banking (A) Signup and view all the answers