- 5 Marks
BL – May 2013 – L1 – SB – Q6C – Law of Trusts
Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.
Question
Dr. Aminu recently transferred the sum of US$11,000 to his account in Business Bank Plc, Lagos, from his bank in the United States. He also informed his stockbroker of his intention to transfer his shares in some Nigerian companies listed on the New York Stock Exchange to his C.S.C.S. account with the stockbroker in Nigeria. The shares are valued at US$20,000.
You are required to:
Explain the reporting duty of Business Bank Plc and the stockbroker.
Find Related Questions by Tags, levels, etc.
- Tags: Bank Transfers, Cross-Border Transactions, Nigerian Law, Reporting Duty
- Level: Level 1
- Topic: Law of Trusts
- Series: MAY 2013
Report an error