GTB CCP Assessment M1 GTB CCP TEST. Module 1 Number of Questions: 10 Time Allowed: 15 minutes. You are allowed only one (1) attempt. Name Email Organisation Compliance can be defined as; Adherence to profit motive and compliance with the laws and regulations that are convenient and which will not shrink profitability of the financial institution’s or DNFBP’s business. Adherence to laws, rules, regulations and guidelines that are relevant in the course of doing business or in the operation or activities of providing goods and services. Disobedience to laws, rules, regulations and guidelines that are relevant in the course of doing business or in the operation or activities of providing goods and services. Obedience to convenient extant laws, rules, regulations and guidelines that are irrelevant in the organisation’s line of doing business. None of the above. None In order to ensure that illegitimate money is safeguarded, the money launderer, employs the following; Scheming and Disguising Tactic Technique Method and Strategies All of the above None Compliance function is the responsibility of the following groups; The Board alone Top management alone Senior Management alone Middle Level Management alone Entire staff None Which of the following are regulatory approaches? Rule-Based Regulation, Principle-Based Regulation and Out-Based Regulation Sanction-Based Regulation, Principle-Based Regulation and Out-Based Regulation Fine-Based Regulation, Principle-Based Regulation and Out-Based Regulation Penalty-Based Regulation, Principle-Based Regulation and Out-Based Regulation None of the above None The following are benefits of Compliance except; It provides practical guidance on the interpretation and application of both external laws and internal codes of behaviour, and equips them with knowledge and values relevant to functional areas to protect the institution and its employees as well as make the society safe and secure. Compliance helps to improve the quality and speed of the product development process, because regulatory and ethical considerations are included automatically from an early stage; Helps to improve a country’s public as well as international image and removal from the list of Non-Cooperative Countries and Territories (NCCT), if blacklisted. Thereafter, Foreign Direct Investments (FDIs) are attracted and more FDIs expected, and the due to improved image, the country’s citizens are treated fairly with respect, both within and outside the country Compliance is an enemy of business and it kills profitability and it is counter-productive as resources are wasted on compliance trainings Compliance protects financial institutions against regulatory compliance risks especially in a sanctions regime when there is zero tolerance for non-compliance and It also discourages, deters and punishes criminality because money laundering is tied to it; None There are reasons that gave rise to the global shift and focus on Compliance which include the following except; Focus on reputational risk Increasing regulatory legislation Stricter penalties for regulatory breaches Use of sanctions by regulators to punish opposition Threat to the society and indeed the entire world None What is the primary motivation of a money launderer? To build and grow his/her reputation To disguise and safeguard the illicit fund To display and maintain his/her Integrity To extend and sustain philanthropy To acquire and wield power None The Components of Compliance include the following except; Development and Maintenance of Written Policies and Procedures Designation of a Compliance Officer Development of an Effective Compliance Training, Education and Awareness Programme Establishment and Maintenance of a Process for Routinely Evaluating and Identifying Potential and Actual Non-Compliance None of the above None It is important for financial institutions to incorporate, prepare and schedule timelines in their compliance programmes and activities in relation to the following except; Annual compliance training as well as new employees Investigations as needed Mobilization of funds from customers Pre and Post-submission of reports review Update meetings with Management and Board None It is mandatory for a financial institution to have compliance policies, processes, procedures and programmes documentations approved by; Top Management Executive Management The Board Executive Compliance Officer (ECO) Chief Compliance Officer (CCO) None 1 out of 10 Time's upTime is Up! Ronalds Esealuka2022-03-15T10:13:37+01:00 FacebookXLinkedInPinterest
