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Question 1

What is a bank required to do when entering into a new business relationship with a natural person?

Options :

A : inform the central bank of their country

B : no action is required

C : verify the identity of the person

D : inform the compliance department

Answer: C

Question 2

A Certificate of Deposit (CD) was issued at 2.50% which you now purchase at 1.75%. What would you expect to pay?

Options :

A : The original face value of the CD

B : More than the originally paid value

C : Less than the originally paid value

D : There is too little information to decide

Answer: B

Question 3

You find that you have paid an amount to the wrong counterparty. What action should you take?

Options :

A : wait until the counterparty contacts you to before deciding what to do

B : immediately contact the counterparty to find the most appropriate way to have the funds returned as quickly as possible to minimize the loss of value days

C : ask the counterparty to keep the money and to place (invest) it at a special rate

D : ask your accounting department to book the amount as a loss

Answer: B

Question 4

Under normal circumstances, which of the following is a non-negotiable instrument?

Options :

A : a Medium Term Note

B : a Bankers Acceptance

C : a Money Market Deposit

D : a Treasury Bill

Answer: C

Question 5

Your FX swap dealer sold and bought 2 months USD/CHF 10,000,000.00; rates were set to 0.9300 against 0.9285. What payment is your bank expecting in two months from now?

Options :

A : CHF 9,300,000.00

B : CHF 10,770,059.24

C : CHF 9,285,000.00

D : USD 10,000,000.00

Answer: D