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Protecting Our Business from Financial Crime

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Protecting Our Business from Financial Crime

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Questions and Answers

Which of the following is a potential warning sign of fraud in the income employment category?

Verifying if the applicant's income is in line with their employment type

Checking the authenticity of bank statements

Accepting photocopies of income documents (correct)

Verifying if the applicant's income has only gone up in the last four months

What is one way to spot potential fraud issues with clients early in the finance arrangement process?

Check the validity of bank statements

Conduct simple web checks on the employer (correct)

Verify if the applicant's income appears in line with their employment type

Verify if the applicant's income has only gone up in the last four months

What is one potential warning sign of fraud in the income employment category related to bank statements?

False bank statements (correct)

Impersonation

Undisclosed adverse credit

Deliberate non-disclosure of a relationship between the purchaser and the vendor of a property

Which one of these should be considered when scrutinizing large deposits for mortgage applications?

The number of pages shown on the bank statements Signup and view all the answers

What should be obtained to verify the funds for a gifted deposit?

A letter from the donor and bank statement confirmation Signup and view all the answers

What should be checked to ensure that all mainstream mortgages are plausible?

The applicant's income Signup and view all the answers

What should be done if an application stalls due to a chain break or relationship breakdown?

Inform/update the lender about the reasons Signup and view all the answers

Which of the following factors should be considered when assessing the quality of payslips?

The customer's latest payslips Signup and view all the answers

What should be checked when reviewing bank statements for salary credits?

The matching of net income with payslips Signup and view all the answers

What should be considered when assessing self-employed applicants?

The nature of the self-employed business and how customers generate business Signup and view all the answers

What should be checked when dealing with Let to Buy scenarios?

The plausibility of the situation Signup and view all the answers