Why is it that Bank Deposit Secrecy became a highly-sensitive issue with respect to the implementation of the Anti- Money Laundering Act ( RA#9160)?

Q: Explain

A: The "Anti-Money Laundering Council" (AMLC) is the government entity entrusted with implementing the…

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A:

Q: Which of the following is a reason that businesses use bank accounts as part of their internal…

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Q: A bank owes an implied duty to its customers not to divulge information about its customers to third…

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Q: Which of the following control activities would best protect against the preparation ofimproper or…

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Q: WorldCom committed the largest fraud in U.S. history. What was the primary method WorldCom’s…

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: Why is it generally more difficult to detect skimming than cash larceny?

A: Cash larceny and skimming are techniques for making embezzlement of fraud in cash.

Q: What is the role of the Core Principles of Effective Bank Supervision as it relates to operational…

A: Core Principles for Effective Banking Supervision that Supervisors across the globe may consider…

Q: What are the controls needed to secure the petty cash fund?

A: Internal control:Internal control is a process which ensures continuous reliability of…

Q: When preparing a bank reconciliation, if the adjusted book balance and the adjusted bank balance are…

A: Equal amount of Adjusted book balance and the adjusted bank balance doesn't tell the cash is used…

Q: Section 401) How does this section relate to the Enron fraud? (Section 404) How do the management…

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Q: What is the purpose of a bank confirmation and why are bank confirmations an important piece of…

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Q: Define the following and give 1 actual case as an example for each type of fraid and methods of…

A: Fraud is a type of malpractice which is done intentionally to harm the third party involved. Step 2…

Q: Why would a financial institution’s PEP customers be required to provide documentation to evidence…

A: Given, Political Exposed Persons (PEPs) are characterized as high-risk clients who have better…

Q: Cash deposits in other banks during money laundering by criminal activities comes under   O a.…

A: Cash deposits in other banks during money laundering by criminal activities comes under (A)…

Q: If a check correnctly written and paid by the bank for 504 is incorrectly recorded on the company's…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: What category does inventory related fraud fall into?

A: Inventory fraud refers to the fraud related to the theft of the physical items of inventory as well…

Q: How do disclosure requirements help limit excessive risk taking by banks

A: Basel norms: Basel norms are the norms which prescribes minimum capital which banks are required to…

Q: What internal control or procedure(s) would provide protection against the following threats?

A: For the given cases,  Internal control measure and prevention measures should be determine.

Q: Which bank control protects against forgery? Which bank control reports what the bank did with the…

A: The answer is as fallows

Q: the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non…

A: There will be systematic, broad based and far reaching implications in case there is no Money…

Q: Define the Prudential regulation of corporate/commercial Banking for CDD and anti-money laundering…

A: There are a lot of illegal activities going on within financial sector. These activities are…

Q: Understanding bank account controls Answer the following questions about the controls in bank…

A: 1.Signature card is used to ensure that particular person is an authorized official towards signing…

Q: What bank regulations are designed to reduce moral hazard problems created by deposit insurance?…

A: Bank regulation is defined as the government regulation form that is subjected to requirements,…

Q: risk management and internal control

A: Wirecard scandal refers to the accounting scandals that relate to the insolvency of the German…

Q: What if the drawee bank failed to determine right away that the CHECK is supposed to be dishonored…

A: Cheque bounce is a criminal offence under Section 138 of the Act, for which the payee can file a…

Q: Discuss the fraud schemes of bribery, illegal gratuities, and economic extortion.

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Q: What feature of the acquisition and expenditure control would be expected to prevent an employeefrom…

A:

Q: Purpose of the Anti-Money Laundering Act (RA 9160

A: The Anti money Laundering Act shall be known as the “Anti-Money Laundering Act of 2001.”

Q: Organizations are encouraged to take every precaution possible to protect their information systems…

A: The cheque fraud belongs to the criminal acts category which includes making the unlawful use of the…

Q: Who is affected when a corporation fails to manage financial fraud risk? How can exposure to…

A: Financial fraud risk refers to the possibility of fraudulent activity in relation to the company's…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: What is a appropriate control procedures that would have prevented or detected the theft of cash in…

A: Internal controls are the proactive measures that management takes to protect financial information…

Q: Describe a control procedure that would have prevented or detected the fraud?

A: Internal Control:   Internal control is a process which ensures continuous reliability of…

Q: Why is it critical to have internal controls in place when it comes to managing and handling cash?…

A: Internal controls are the controls that are set to maintain the integrity and make financials as per…

Q: What documentation should an auditor inspect when a client has paid off a bank note? How could an…

A: Definition: Bank statement: This is a periodic or monthly statement issued by the bank reporting the…

Q: 55. According to GAM for NGAs, the establishment of a petty cash fund Requires the approval of the…

A: Petty cash funds are those funds which are established for the purpose of small petty expenses in…

Q: Which of the following control objectives would be least likely be considered by the internal…

A: Evaluation of the group of choices is to be done to find out which choice is not relevant for the…

Q: Knott Inc. has a petty cash fund of $750. (a) Since the petty cash fund is only $750, should Knott…

A: Petty cash fund: It is a fund established to pay insignificant amounts like postage, office supplies…

Q: The government enforces banking rules and regulations through an elaborate process called…

A: