Insurance Test | DataPro Limited

Welcome to your Insurance Test

Number of Questions: 10

Time Allowed: 10 minutes.

You are allowed only one (1) attempt.

Name

Organisation

What is the fine for violation of Section 6 of MLPA 2011 (as amended)

a) N1m per day on conviction

b) N1m fine by NAICOM

c) Suspension of license

d) Fine between N250,000 and N1m on conviction

What is the fine for violation of Section 15 of MLPA 2011 (as amended)

a) 7-14 years Imprisonment

b) 2-3years Imprisonment

c) N10m Fine

d) 5 years Professional Ban

Identify the 4 components of Compliance I. Policies, Programs II. Processes, Procedures III. Manual, Policies IV. Law, Regulations

a) I, ii above

b) I, iv above

c) Ii, iii above

d) Iii, iv above

The first FATF issued report named “The FATF Forty Recommendations” which served as a worldwide framework to combat ML, was issued in what year?

a) 1993

b) 1992

c) 1991

d) 1990

Part 3 of NICOM AML/CFT Regulations 2013 addresses -----------

a) Institution Policy and Program

b) Customer Due Diligence

c) Objective and Application

d) Other High Risk

How best can an organization manage a compliance risk?

a) Corporate Governance, Conduct & Culture, Compliance Management & Internal Sanctions

b) Customer Due Diligence/EDD/UBO/PEPs, Record Keeping & Retention

c) Monitoring: Online, Real-time, Training & Awareness Program

d) All of the above

Training is addressed in what part of NICOM AML/CFT Regulations 2013

a) Part 1

b) Part 5

c) Part 7

d) Part 9

Below are regarded as compliance functions except?

a) Liaising with regulators, LEAs and other relevant stakeholders on behalf of the institution.

b) Establishing policies, programs, processes and procedures as measures for compliance

c) Conducting training and awareness regarding compliance policies, ML/TF trends and patterns

d) Appointing relevant staff for the organization

What is the risk of non-compliance an organization is exposed to?

a) Fines, Withdrawal of License

b) Reputational damage, Downtime and Internal Disruption

c) Lost revenue, Criminal prosecution, Individual liabilities and sanctions

d) All of the above

------------------ is the management of regulatory risk

a) Regulation

b) AML/CFT Compliance manual

c) Compliance

d) All of the above

11 out of 10