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?

    <p>Because banks provide anonymity and legitimacy to illegal funds</p> Signup and view all the answers

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

    <p>Ethics guides regulation and compliance in banking</p> Signup and view all the answers

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

    <p>To prevent unethical behavior</p> Signup and view all the answers

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

    <p>Money laundering</p> Signup and view all the answers

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

    <p>Instances of money laundering since 2000</p> Signup and view all the answers

    Why did Banking Institutes not take root?

    <p>Lack of trust</p> Signup and view all the answers

    What will candidates learn after completing this module?

    <p>How to prevent unethical behavior in banking</p> Signup and view all the answers

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