Financial Crimes – NBC Institute

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

Question

The period between two Annual General Meetings must not exceed:
A. 18 months
B. 15 months
C. 13 months
D. 12 months
E. 6 months

Answer

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Tags: EFCC, Financial Crimes, Financial Institution Reporting
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

Question

The Money Laundering (Prohibition) Act 2004 contains important provisions aimed at preventing money laundering, one of which is the limitation on the amount of cash payment.

Required:

State the limitation on the amount of cash payment under the Act.
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Payment Limitation, Corporate Governance, Financial Crimes, Money laundering
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

Question

The Economic and Financial Crimes Commission (EFCC) Act relates to activities that are offenses:
Required:
i. Explain briefly “Economic Crime” as contained in the EFCC Act.

ii State TWO examples of economic crime. (2 Marks)

Answer

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Tags: Economic Crime, EFCC Act, Financial Crimes
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2019

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

Question

Pepo Ghana Ltd operated three accounts at the Arena branch of Coin Bank Ltd. On 27 May 2020, the Financial Intelligence Centre (FIC) in a letter, directed Coin Bank Ltd to freeze all the accounts of Pepo Ghana Ltd.

i) Explain money laundering and explain TWO (2) stages of money laundering. (6 marks)

ii) List TWO (2) anti-corruption institutions in Ghana.

(4 marks)

Answer

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Tags: Anti-Corruption Institutions, Financial Crimes, Money laundering
Level: Level 1

Topic: Contract Law, Public Sector Entities
Series: APR 2022

AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence

Explain the stages of money laundering and audit obligations in a scenario involving suspicious transactions.

Question

a) You have commenced the audit of Atika Ltd, a company involved in the importation and sale of plumbing materials. As part of the audit, you have noticed the following:

Atika Ltd does not pay its suppliers in Germany through the bank. It relies mostly on the black market for the transfer of funds to its suppliers.
Atika only sells its goods in Ghana.
On 25 March within the audit year, there was a cash deposit of US$2,500,000.00 into the forex account of Atika Ltd.
On 30 March the company transferred the following:
- US$499,999.99 to an unknown account in Cameroon
- US$399,999.99 to an unknown account in Kenya
- US$499,999.99 to an unknown account in Niger
- US$250,000.00 to the personal account of the Managing Director
- US$150,000.00 to an unknown company.
The company’s general ledger shows a revenue of GH¢1,560,000.00.
The import documentation shows purchases of GH¢36,000,000.00. There is no evidence of payment for the goods from Atika Ltd’s bank accounts.
The closing inventory amounted to GH¢2,145,200.00.

The Audit Manager has raised the issue of money laundering considering the nature of the transactions above.

Required:

i) Explain to the team members the various stages of money laundering and show how the above transactions confirm the client’s engagement in money laundering. (6 marks)

ii) What are the obligations on the firm for money laundering? (4 marks)

Answer

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Tags: Audit Obligations, Financial Crimes, Money laundering
Level: Level 3

Topic: Audit evidence, Current issues
Series: NOV 2023

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

Question

The period between two Annual General Meetings must not exceed:
A. 18 months
B. 15 months
C. 13 months
D. 12 months
E. 6 months

Answer

Find Related Questions by Tags, levels, etc.

Tags: EFCC, Financial Crimes, Financial Institution Reporting
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

Question

The Money Laundering (Prohibition) Act 2004 contains important provisions aimed at preventing money laundering, one of which is the limitation on the amount of cash payment.

Required:

State the limitation on the amount of cash payment under the Act.
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Payment Limitation, Corporate Governance, Financial Crimes, Money laundering
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

Question

The Economic and Financial Crimes Commission (EFCC) Act relates to activities that are offenses:
Required:
i. Explain briefly “Economic Crime” as contained in the EFCC Act.

ii State TWO examples of economic crime. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Crime, EFCC Act, Financial Crimes
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2019

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

Question

i) Explain money laundering and explain TWO (2) stages of money laundering. (6 marks)

ii) List TWO (2) anti-corruption institutions in Ghana.

(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Anti-Corruption Institutions, Financial Crimes, Money laundering
Level: Level 1

Topic: Contract Law, Public Sector Entities
Series: APR 2022

AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence

Explain the stages of money laundering and audit obligations in a scenario involving suspicious transactions.

Question

a) You have commenced the audit of Atika Ltd, a company involved in the importation and sale of plumbing materials. As part of the audit, you have noticed the following:

Atika Ltd does not pay its suppliers in Germany through the bank. It relies mostly on the black market for the transfer of funds to its suppliers.
Atika only sells its goods in Ghana.
On 25 March within the audit year, there was a cash deposit of US$2,500,000.00 into the forex account of Atika Ltd.
On 30 March the company transferred the following:
- US$499,999.99 to an unknown account in Cameroon
- US$399,999.99 to an unknown account in Kenya
- US$499,999.99 to an unknown account in Niger
- US$250,000.00 to the personal account of the Managing Director
- US$150,000.00 to an unknown company.
The company’s general ledger shows a revenue of GH¢1,560,000.00.
The import documentation shows purchases of GH¢36,000,000.00. There is no evidence of payment for the goods from Atika Ltd’s bank accounts.
The closing inventory amounted to GH¢2,145,200.00.

The Audit Manager has raised the issue of money laundering considering the nature of the transactions above.

Required:

i) Explain to the team members the various stages of money laundering and show how the above transactions confirm the client’s engagement in money laundering. (6 marks)

ii) What are the obligations on the firm for money laundering? (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Obligations, Financial Crimes, Money laundering
Level: Level 3

Topic: Audit evidence, Current issues
Series: NOV 2023

Question Tag: Financial Crimes

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BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence

Explain the stages of money laundering and audit obligations in a scenario involving suspicious transactions.

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence

Explain the stages of money laundering and audit obligations in a scenario involving suspicious transactions.

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BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

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BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

You're reporting an error for "BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance"

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking"

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

You're reporting an error for "BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law"

AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence

Explain the stages of money laundering and audit obligations in a scenario involving suspicious transactions.

You're reporting an error for "AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence"

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking"

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

You're reporting an error for "BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance"

BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking

Explanation of economic crime as defined by the EFCC Act.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q5a – Law Relating to Banking"

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

You're reporting an error for "BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law"

AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence

Explain the stages of money laundering and audit obligations in a scenario involving suspicious transactions.

You're reporting an error for "AAA – Nov 2023 – L3 – Q5a – Current Issues, Audit Evidence"

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