The Nostro and Vostro accounts are used in correspondent banking relationships and the terminologies are applied differently depending on the side of the divide it is viewed from, for instance, depending on whether the financial institution is a correspondent bank or a respondent bank. Some say there may be other accounts. Therefore, from the respondent bank’s view, the funds deposited at correspondent banks are referred to as ………………. accounts
Which of the following will form part of the vulnerabilities in relation to Accountants/Auditors under AML/CFT Compliance;
DPMS redflags for Gold include the following except;
The following are drivers of de-risking, except;
…………… also known as De-banking refers to financial institutions exiting relationship with and closing the account of clients considered as ‘High risk’;
In relation to Real Estate Agents, redflags associated with Legal Persons can be said to include the following except;
Which of the following can be referred to as the redflag(s) of Legal Entities and Structures under Real Estate Agents activities;
The Payable-through-accounts which are also known as “pass through” or “pass-by” accounts can be said to be a situation where:
DPMS acronym represents what?
One of the New Hires in your bank that has recently been trained stated in the course of your monthly Departmental meetings that; ‘Correspondent banking relationship involves the use of Nostro (an account held by a bank in foreign currency in another bank). In other words, from the respondent bank view, the funds deposited at correspondent banks are referred to as Nostro accounts’. Considering the expression of this New Hire in relation to the terminology, Nostro, as indicated above, which of the following statements below is correct about his assertion of Nostro;
