GTB CCP Assessment (M8)

GTB CCP TEST.

Module 8

Number of Questions: 10

Time Allowed: 15 minutes.

You are allowed only one (1) attempt.

Name

Organisation

Which one of the following is not a Politically Exposed Persons (PEPS);

The President, Vice president, Ministers, Advisers,

Executive members of Market Association

Members of Senate and their advisers and assistants

Members of the House of Representatives and their advisers and assistants

Members of the Judiciary and their assistants

None

A customer can be defined or described as or in all or one of the following ways except;

A person or entity that maintains an account with a financial institution;

A person on whose behalf an account is maintained;

A beneficiary of transactions conducted by an intermediary;

A person who lives near a bank and comes to greet the manager from time to time

A person or entity connected with a financial transaction that can pose a significant or other risk to the institution (e.g. trustees/settlors).

None

The following are the best Practices for PEPS and FEPS except;

Identification of all PEPS/FEPS

Reserve the decision to open an account to senior management or get senior management approval.

Contact PEP/FEP to inform him/her when you are filing regulatory reports

Investigation of the source of funds

Use third party confirmation - internet searches, confirming houses, credit agencies,

None

In the case of corporate entities, the following general identification procedure for this class of customers are adopted except;

Name and principal place of business of the company

Names of Directors and official identification number e.g. RC no.

Name of company located next to the prospective corporate customer

Original or certified copy of the certificate of incorporation

Nature and purpose of the business and its legitimacy

None

These are the risks which result from the enforcement of the law as a result of the bank’s failure to observe mandatory KYC standards and CDD principles; failure to comply with related compliance provisions in the extant laws or regulations. These failures, infractions, wilful blindness or non-compliance with stipulated rules, laws or regulation could lead to litigations and protracted legal battles in the law courts. The resultant legal risks can crystalize in form of the following, except;

Legal charges or cost of litigation

Fines

Awards from CBN

Penalties

Detention or Imprisonment of Board, Management and staff

None

The following information can be used to identify individuals except;

Legal name and any other names used

Correct permanent address in full, Telephone, fax numbers & email address,

Details of a one time co-passenger

Date and place of birth, Nationality, Occupation, public position held,

Official personal identification number or other unique identifier contained in an unexpired official document, Signature

None

‘Trust but Verify’ means the following except;

Verification of information is extremely important

Although customer should be trusted but you should do the needful

Do not bother about verification as customer is always right and cannot be questioned

Certain information such as names, permanent address, validity of official documents, should be verified

Corroborate your observation and documents submitted,

None

The following customer risk factors except one, should be used to profile customer and assess risk;

Location of business

How the customer talks

Product or service requested

Nature of customer business

Source of funding and income

None

Some basic Information in relation to individual customers include;

General Information – Name, Date of Birth, Contact details, Segment or Industry, Relationship Manager, etc

Personal information – the customer’s relationship with spouse and children, neighbour, etc

Demographics – Nationality, Marital Status, Hold Mail, Educational Qualification, Employment details, Income and Expenses, etc.

Psychographic – Campaign preferences, membership information, Hobbies, Relationships, Asset information, Product preferences, Transaction plan, etc.

Other Bank Information – Bank accounts, Credit card accounts, etc.

None

These are risks that could crystallise as a result of non-adherence to regulations, guidelines and laws as advised by regulatory bodies such as the Central Bank of Nigeria. There could be severe sanctions as a result of this breach and these could include any of the following, except;

Sanctions

Fines and Penalties

Sacking of Management and/or Board

Recognition

Withdrawal of Operating Licence

None

1 out of 10

Time's up

Time is Up!

GTB CCP Assessment (M8)

GTB CCP TEST.

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