Know your customer (KYC) is critical for business from regulatory perspective becauseO a. It helps maximise business revenue and turnover by understanding customers' preferenceO b. Business can collect customer data and make profit out of itO c. It can protect against fraud and crimes and to deliver obligations in terms of products and servicesO d. Business can proactively chase the sources of money laundering and protect the public interestBased on ASIC's Innovation Hub Sandbox exemption for fintech testing, given fintech in sandbox must:O b.O c.Od.Have no more than 100 retail clientsCan have unlimed wholesale clientsHave total exposure to customers of no more that $5 millionAll of the above

KYC (Know Your Customer) is critical for businesses from a regulatory perspective for several…

Answered: Know your customer (KYC) is critical…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Identify at least four different areas where there could be potential accounting fraud in a company. Make sure you elaborate on your reasoning for why accounting fraud could occur as well as the financial implications on the organization.
An Internal Control System will not Assists compliance with laws and regulations Helps ensure the reliability of internal and external reporting Help obtain an understanding of the business and the risks it faces Facilitates the effectiveness and efficiency of operations
Which of the following best describes the objectives of internal controls? O Ensuring the compliance with tax regulation O Enhancing the health of the employees O Safeguarding assets and improving the accuracy and the reliability of financial information. O Ensuring the business is profitable. ASUS f3 f7 f8 f11 f6 X f4 f5 f9 f10 4. 5 7 9. E Y U D F G J K 08 田近 96 图
What is the best way for owners of small businesses to maintain proper internal controls
Considering the demand for auditing services, which of the following involves“Managers receiving the full compensation in their employment package for what they are worth”.a. Justice theoryb. Motivational theoryc. Needs of Investors and Creditors theoryd. Principal-Agent theory
Since risks, such as credit, liquidity, default, technological, and legal risks, among others, may affect the financial operations of the business or organizations. Laws are created to enfore financial regulations. In financial markets, these laws, rules and regulations control the following drivers: competitiveness, market behavior, consistency and stability. Consistency. The reason why in the field of accountancy consistency is an important principle because it enables development of reasonable decision. Consistency plays a key attribute to ensure that the other drivers affecting the results were isolated for better analysis and at the same time reducing the risk inherent in the results. QUESTION: Explain further what "consistency" means. How do laws control consistency in financial markets? Explain. Then identify the risks that arise from it.
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All of the rules and processes used to safeguard assets, assure accurate accounting, promote efficient operations, and encourage compliance with business regulations make up an internal control system. What do you think of this statement? What are the reasons for or against
In respect of the company’s directors, what does the concept of stewardship mean ?Select one: a. They safeguard the company’s assets and manage them on behalf of the shareholders b. They are responsible for ensuring that the company complies with the law c. They are responsible for ensuring that the company pays its tax by the due date d. They report suspected fraud and money laundering to the authorities
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What is the primary role of internal controls in managing a business? a.To ensure that the financial statements are presented in such a manner as to provide relevant and reliable information for financial statement decision makers and the company's creditors. b.To constrain subordinates' activities in order to prevent employees from deviating from the scope of their responsibilities and encourage them to act in the best interest of the business. c.To encourage theft and to ensure that segregation of duties does not take place. d.To prevent cash from being stolen.
From pages 4-1 and 4-2 of the VLN, the COSO Framework describes 5 components of internal control. What is the purpose of internal controls from a financial accounting perspective? 1. To guarantee no fraud will occur in the organization. 2. To help safeguard the company's assets. 3. To help improve the accuracy and reliability of the accounting information. 4.To prevent collusion. Group of answer choices A. 1,2, and 3 B. 2 and 3 C. 2, 3, and 4 D.1, 2, 3, and 4

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