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NAB Professional Banking Fundamentals > CH3-The Regulatory and Legal Environment > Flashcards

CH3-The Regulatory and Legal Environment Flashcards

1
Q

in which year did the RBA become the Australian central bank?

A

14 January 1960

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2
Q

In which year was the Better Banking program launched?

A

January 2017

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3
Q

In which year was the New Payments Platform launched?

A

February 2018

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4
Q

What are the three objectives of regulation in the financial services?

A

1) RIGHTS-Protect the rights of the customer
2) INTEGRITY-Maintain confidence in the integrity of the financial system
3) RISK-Reduce the risk of systemic failure

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5
Q

Australia’s framework for financial regulation is determine by which two groups? Who makes up each of these two groups?

A

1) Treasury
2) Council of Financial Regulators - Composed of the RBA, ASIC and APRA.

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6
Q

What are Australia’s five financial services regulators? What are their functions?

A

1) Reserve Bank of Australia - Responsible for monetary policy, overall stability of the financial system and regulation of the payments system
2) Australian Securities and Investments Commission (ASIC) - Responsible for market integrity and consumer protection across financial systems
3) Australian Prudential Regulation Authority (APRA) - Responsible for the prudential supervision of banks, building societies, life and general insurance companies and superannuation funds
4) Australian Competition and Consumer Commission (ACCC) - Responsible for promoting competition and fair trading and regulating the national infrastructure.
5) Australian Transaction Reports and Analysis Centre (AUSTRAC) - Responsible for administering the Anti-money laundering and Counter terrorism financing act and Australia’s financial intelligence agency.

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7
Q

What are other regulators who play a support role in the governance of the financial services industry?

A

1) ATO - Principal revenue collection agency
2) Foreign Investment Review Board (FIRB) - Examines when foreign interests undertake direct investments in Australia
3) Office of the Australian Information Commissioner (OAIC) - Protection of personal information, including credit information.

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8
Q

What five activities that the RBA does to give currency stability, maintain full employment and promote prosperity?

A

1) Financial Stability - Setting cash rate to meet inflation targets
2) Payments and Infrastructure - Maintain a strong financial system and efficient payments system
3) Banknotes - Issue bank notes
4) Banking - Provide banking services for the Government
5) Financial Market Operations - Manage Australia’s overnight cash rate, gold and foreign currency reserves.

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9
Q

What legislation is predominantly administered by ASIC?
A) Reserve Bank Act 1959
B) Corporations Act 2001, FSR Act 2001
C) Australian Prudential Regulation Authority Act 1998
D) Competition and Consumer Act 2010
E) Anti-Money Laundering and Counter Terrorism Financing Act 2006

A

B) Corporations Act 2001, FSR Act 2001

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10
Q

Under the Reserve Bank Act 1959, what are the two boards defined?

A

1) The Reserve Bank Board (nine members) - Currency stability, full employment and economic prosperity.
2) The Payments System Board - Control risk to the financial system, efficient payment systems and promoting competition.

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11
Q

Why is the RBA the “lender of last resort”?

A

RBA is able to lend to eligible financial institutions that are experiencing liquidity issues and unable to make payments. Aim is to avoid failure of these financial institutions causing a significant impact to financial systems. This helps give depositors confidence that their funds are save and discourages bank runs from draining a banks liquidity causing it to become insolvent.

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12
Q

What is a payments system?

A

Arrangements that allow consumers, businesses and other organizations to transfer funds to one another.

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13
Q

What legislation is predominantly administered by ASIC?
A) Reserve Bank Act 1959
B) Corporations Act 2001, FSR Act 2001
C) Australian Prudential Regulation Authority Act 1998
D) Competition and Consumer Act 2010
E) Anti-Money Laundering and Counter Terrorism Financing Act 2006

A

B) Corporations Act 2001, FSR Act 2001

ASIC is Australia’s corporate and financial services regulator and is, responsible for promoting investor and financial consumer trust and confidence as well as insuring fair, orderly and transparent markets.

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14
Q

What are the in scope the regulation responsibilities for the Corporations Act 2001, FSR Act 2001?

A

Financial markets, intermediaries and products licensing, disclosure and conduct, consumer protection

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15
Q

What are Product Design and Distribution Obligations (DDO) as part of the ASIC Regulatory Guide 274?t

A

DDO imposes the obligation on financial product issuers to develop a Target Market Determination (TMD) to ensure products are “getting it right for customers” by putting the customers at the production design and distribution. There is also the requirement that it be maintained over the lifecycle of the product, not just at creation to avoid outdated products.

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16
Q

What is TMD or Target Market Determination?

A

Essentially a design document for a financial production that defines the target customer and how that product will meet the needs of the customer. Product issues and distributors must maintain governance to ensure outcomes are maintained or improved for customers through out the product lifecycle.

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17
Q

What is a product issuer?

A

A product issuer is like a bank or insurance company who must prepare a Target Market Determination for each financial product that requires a Product Disclosure Statement (PDS)

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18
Q

What is organisational competance?

A

Term used to refer to the cumulative employee skills that a company must have in order to achieve their plans.

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19
Q

What is a Fee Disclosure statement?

A

Obligation that requires advisers to provide clients with annual fee disclosure statement and the requirement for their client to ‘opt in’ or renew their ongoing fee arrangement every two years.

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20
Q

What is a statement of advice (SOA)?

A

Written explanation of the adviser’s advice to a client, reasons for the advice and how the advice is to be implemented.

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21
Q

What is wholesale banking?

A

Refers to banking services between merchant banks and other financial instituitions.

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22
Q

How are retail and wholesale clients differentiated?

A

All clients are considered retail unless they fall into one of the following five categories:
1) Product being invested in or advised has a value exceeding $500,000
2) Individual wealth exceeds $2.5 million net assets or gross income over the last two financial years is at least $250K
3) Large business with more than 20 employees or 100 manufacturing employees.
4) Professional Investor
5) Sophisticated Investor

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23
Q

There are two investor wholesale client categories, what are they?

A

1) Professional investor - Core business is a professional investor
2) Sophisticated investor - AFSL holder has determined entity is experienced with financial services.

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24
Q

What are eight key obligations for AFSL Licensees?

A

1) Licensing obligations
2) Financial product advice and dealing
3) Disclosure documents
4) Training of financial product advisers
5) Organisational competence
6) Dispute resolution
7) Breach reporting
8) Design and Distribution Obligations

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25
Q

What are the four members of the Council of Financial Regulators (CFR)?

A

Treasury, RBA, ASIC and APRA

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26
Q

What legislation is predominantly administered by ACCC?
A) Reserve Bank Act 1959
B) Corporations Act 2001, FSR Act 2001
C) Australian Prudential Regulation Authority Act 1998
D) Competition and Consumer Act 2010
E) Anti-Money Laundering and Counter Terrorism Financing Act 2006

A

D) Competition and Consumer Act 2010

ACCC is responsible for competition, fair trading and consumer protection

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27
Q

What is AUSTRAC and which legislation does it administer?

A

Financial intelligence agency responsible for administering the Anti-Money Laundering and Couter-Terrorism Financing Act 2006. Current legislation are required to report transactions that are $10K or more in value.

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28
Q

Which sectors does AUSTRAC cover?

A

Financial, gambling, bullion dealers

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29
Q

If an entity is required to report to AUSTRAC what are 5 obligations must it fulfil?

A

1) Enrolling themselves with AUSTRAC
2) Ensure customer identification and verification
3) Accurate record keeping
4) Maintain an AML/CTF program ensure AUSTRAC obligations are met
5) Monitoring of customer transactions and reporting on eligible/suspicious events

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30
Q

What is money laundering?

A

Process of disguising illegal profits obtained from criminal activities and making it appear legitimate and therefore able to be used by criminals for personal gain and further criminal activity.

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31
Q

Money laundering is a three stage process, what are the three stages?

A

1) Placement - Getting the illegal monies into the formal financial system
2) Layering - Moving or dispersing the illegal funds to make it hard to identify their try origin
3) Integration - Invest and use funds now that they are well distanced from their illegal source.

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32
Q

Why are there lower dollar amounts involved with terrorism financing?
What is an SMR, and why is it useful for detecting terrorism financing?

A

1) Smaller amounts are required to fund and support terrorist activities
2) Limited access to funds or assets looking to support terrorism
3) Improved awareness in terrorism financing

SMR are Suspicious Matter Reports

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33
Q

What are some examples of potential methods that could be employed to misuse the Australian financial system?

A

1) Opening accounts in a false name
2) Transact using name of others or groups
3) Providing access to accounts of others or groups
4) Providing access to bank accounts other than yourself
5) Obtain loans through fraudulent applications, where the funds are used for illegal activities with no intention to repay those funds.
6) Performing funds transfers with false identification

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34
Q

AML and CTF program provides two components of their program to help reporting entities. What are these two components?

A

Part A - Identifying, managing and reducing the money laundering and terrorism financing risk
Part B - Customer identification and customer due diligence.

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35
Q

What is the Australian Privacy Principles (APPs)? Which legislation does it administer?

A

APP administers the Privacy Act 1988, and outlines how organizations such as financial services providers must handle, use and manage personal information.

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36
Q

What are some of the principles of the privacy act?

A
  • Privacy policy that provides transparency in the handling of personal information
  • I appropriate ability to off anonymous or pseudonym capabilities
  • Collection of solicited personal information
  • Describe how personal information can be used and disclosed
  • Maintaining data quality
  • How data is kept secure
  • Rights of the individual to access and correct their personal information
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37
Q

What are key obligations on reporting entities on the different classifications of information and their privacy?

A
  • Sensitive information such as health, race, religion, etc
  • Personal information
  • Credit reporting
  • Tax file numbers
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38
Q

What is AFCA and what does it do?

A

AFCA = Australian Financial Complaints Authority for independent dispute resolution

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39
Q

What is BEAR and what does it do?

A

BEAR = Banking Accountability Executive Regime.
Its to ensure that senior executives and directors recognise their responsibilities to drive cultural change in their organization. Making sure that senior management are clear on their individual accountabilities. Example of making sure those in leadership positions do as they say.

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40
Q

What is FAR and what does it do?

A

FAR = Financial Accountability Regime.
Purpose is to extend the BEAR to all financial entities regulated under APRA rather than just banks. Over it will increase transparency and accountability to improve risk culture and governance across all of financial services.

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41
Q

Thinking about the FIVE key regulators, RBA, ASIC, APRA, ACCC and AUSTRAC what legislation does each administer and what are their responsibilities?

A

See attached summary.

42
Q

What is BREACH reporting and when do we need to do it?

A

A breach happens when:
- We did not do WHAT we said we would do. Like charging a higher fee than quoted.
- We did not do something WHEN we had to. Like not closing an account when we were required.
- We did not do something HOW we were meant to. Like not providing a product in accordance with regulatory requirements.

43
Q

What is Cartel conduct?

A

Its where businesses agree to act together instead of competing with each other, through price fixing, sharing markets, rigging bids, etc.

44
Q

What is Concerted Practises?

A

Its when a competitor divulges internal information to you prior to it being public AND if you were to then share that information internally in your organization impacting business decisions.

To avoid Concerted Practises, you need to state to the competitor that they should not be sharing that information AND you must not share that knowledge internally.

45
Q

What is Misuse of Market Power?

A

When a company uses its market power to eliminate competition unfairly.

46
Q

Do international regulatory bodies have legal powers of enforcement in Australia?

A

No, but Australia can receive diplomatic pressure to comply.

47
Q

What are examples if international regulatory bodies?

A
  • BIS, Bank for International Settlements
  • BCBS, Committee of the BIS, Basel Committee on Bank Supervision
  • CPMI, Committee of the BIS, Committee on Payments and Market Infrastructure
  • G20
  • FSB, Financial Stability Board
  • UNEP, United Nations Environment Program
48
Q

What is the Basel 2 Accord and what are the three pillars?

A

Basel 2 Accord was established in 2007. It has three pillars:
Pillar 1) Minimum capital requirements for credit and operational risk
Pillar 2) Governance
Pillar 3) Improve market discipline by making participants publish certain details.

49
Q

Why was Basel 3 created and in which year?

A

Basel 3 was introduced in 2010 in response to the 2008 financial crisis.
It built upon Basel 2 by increasing the capital liquidity requirements from 8% to 10.5% and introduced the Liquidity Coverage Ratio (LCR), Net Stable Funding Ration (NSFR) and the Leverage Ratio.

50
Q

Why are there three iterations of Basel? How are they different?

A

Example of Basel evolving and becoming more comprehensive in the range of risks covered in response to financial circumstances.
- Basel 1: Basic establishment of minimum capital requirements. Credit Risk.
- Basel 2: Expanding scope to be a global risk management framework with three core pillars. Credit risk, market risk, operational risk
- Basel 3: Further enhancements around bank liquidity regulation. Credit risk, operational risk, market risk, liquidity risk.

51
Q

What is Liquidity Coverage Ratio (LCR)? What duration of net cash outflows must be supported?

A

Ensures that Australian ADIs have sufficient liquid assets to meet 30-day net cash outflows.

52
Q

What is Net Stable Funding Ration (NSFR)? What duration must funding last?

A

Australian ADIs to have sufficient stable funding for their assets over a one year horizon.

53
Q

What is Leverage Ratio?

A

Percentage of Tier 1 capital to Total Assets. Or another way the ratio between debt to capital.

54
Q

What was the cause and impact of the GFC?

A

Banks in some countries were allowed to hold excessive levels of debt, with holding insufficient liquidity to meet payment obligations. In this situation the wholesale funding market became much more expensive as the risk associated with lending became too high.

55
Q

How did Australia’s regulators respond to the GFC?

A

1) Government guarantees to support domestic depositors to maintain confidence and avoid a run on banks
2) Government supported institutions by providing wholesale borrowing to fill the gap
3) Maintain focus on prudential requirements via Basel 3
4) Focus on responsible credit/lending behaviours

56
Q

Why is UNEP (United Nations Environment Programme) relevant to financial systems?
What are UNEP’s four key objectives?

A

UN concern that financial systems must also be sustainable in the transition to low carbon, green economy.
Principle 1: Align banks with society goals
Principle 2: Set a global benchmark for what it means to be a responsible bank
Principle 3: Continuous drive and challenge banking contribution
Principle 4: Help banks identify opportunities to further the UNEP objective.

57
Q

What are the four part of Financial Crime domain at NAB to support various parts of the Bank?

A
  • Customer Divisions (Personal Bank, UBank, Business and Private Bank and Corporate and Institutional Banking.
  • Financial Crime Operations (In Technology and Operations).
  • Financial Crime Risk.
  • Regulatory and Advisory.
58
Q

What is the Financial Crime Change Program (FCCP)?

A

NAB’s financial crime change program with three objectives:
1) Strengthen the controls across the business
2) Continue progress to achieve an effective operating model to optimise and centralise capabilities
3) Develop and embed the necessary risk awareness and risk responsive culture top-down

59
Q

How do you report activity that doesn’t look right and warrants further investigation?

A

UAR - Unusual Activity Report

60
Q

What are two key relationships between bank and customer?

A

1) Debtor and creditor
2) Principal and agent - As would happen when the bank is acting as an agent in making periodic payments on behalf of a customer (principal).

61
Q

A valid contract must have six elements, if one or more of these are missing then the contract is considered invalid.

A

1) offer and acceptance
2) Both parties to the contract should understand what offer is being accepted
3) Consideration to be paid for the promise made
4) Legal capacity of the parties to act
5) Genuine consent of the parties
6) Legality of the agreement

62
Q

Australia has two main sources of law, what are they?

A

1) Statute law - Legislation created by the government
2) Common law - Case law developed by precedent in legal cases based on judges decision

63
Q

How did common law come about? Why is Australia’s common law different to its English origins?

A

Common law started in England in the 11th century. Australia initially derived from the English model, since then there have been changes due legislation so it is now different to its origins.

64
Q

What is fiduciary duty and what role at the NAB is considered a fiduciary service?

A

A fiduciary is someone who holds a legal or ethical relationship of trust for one or more parties. They are expected to act at all times for the sole benefit and interest of the one who trusts. Financial planners are a role that are considered fiduciary in the NAB.

65
Q

What are the four pillars in financial planning?

A

Fundamentally, its about putting the interests of the client before your own.
Principles,
Process,
Prudence,
Consistency -

66
Q

What are examples of Duties of the Bank?

A

Duty to honour cheques
Duty to safeguard property
Duty of confidentiality

67
Q

What are the four common types of business structures?

A

1) Sole trader
2) Partnership
3) Company
4) Trust

68
Q

What is a sole trader business structure and what are key features of this structure?

A

The sole trader individual is legally responsible for all aspects of the business.
- Full control
- Low cost as there are fewer reporting requirements
- Individuals can use their own TFN
- Unlimited liability meaning personal assets can be seized
- Offset losses against other personal income
- No requirement to have a separate bank account
- Business owner has the discretion of how and when they pay themselves
- No income splitting
- Employee obligations remain
- Easy to change business structure

69
Q

What is a partnership and what are its key features?

A

Involves a number of people who operate a business together.
- Easy to setup
- ABN may not be compulsory
- Unlimited liability
- Shared control between partners
- Partnership does not pay tax, each partner must pay individually
- A partnership tax return is required to be lodged annually
-

70
Q

What is a company structure and what are its key features?

A

A company is a separate legal entity, shareholders and owners have limited liability.
- Limited liability as it is a separate legal entity
- Company must be registered with ASIC
- Company officers and directors must comply with Corporations Act 2001
- Money the business earns belongs to the business

71
Q

What are the administrative needs for a company structure?

A

Business operations are controlled by directors, owned by the shareholders.
Must be registered for GST if annual turnover is more that 75K, 150K for non-profit.
Annual company tax return must be lodged.

72
Q

What is a trust and what are its key features?

A

Arrangement where a person/company (trustee) holds assets (trust property) in trust for the benefit of others (beneficiaries).
- Expensive to setup and operate
- Trustee administers assets on behalf of beneficiaries
- Trustee required to complete yearly administrative and reporting tasks
- Trustee is legally responsible for operations
- Requires legal document on who can be a member and benefits

73
Q

What is a general definition for corporate governance?

A

Describes the ways organisations are directed and controlled and how their affairs are handled by the board, senior management and other employees.

“Governance encompasses the system by which an organisation is controlled and operates, and the mechanisms by which it, and its people, are held to account. Ethics, risk management, compliance and administration are all elements of governance”.

74
Q

What areas is corporate governance focussed?

A
  • Effectiveness and efficiency of a company’s operations
  • Reliability of financial reporting
  • Compliance with laws and regulations
  • Safeguarding of assets
75
Q

Which government agency is concerned with Corporate Governance?

A

ASIC

76
Q

Every bank has a compliance and risk management department, what are their monitoring and operational responsibilities?

A
  • Risk appetite
  • Risk performance and control environment
  • Regulatory environment
  • Risk culture
  • Capability and capacity
77
Q

Which of the following clearing and settlement systems provides settlement services for the OTC debt market and for derivatives traded on the ASX and ASX 24 markets?
a) ASX Clear
b) ASX Clear (Futures)
c) Austraclear
d) CHESS (Clearing House Electronic Sub-register System)

A

c) Austraclear - Debt securities and cash settlement platform

Why?
a) ASX Clear - Clearing House for all shares, structured products, warrants and ASX Equity Derivatives.
b) ASX Clear (Futures) - Clearing house does not provide settlement services
d) CHESS (Clearing House Electronic Sub-register System) - Clearing house

78
Q

Which of the following sought to improve executive accountability in ADI’s?
a) AFCA
b) BEAR
c) BCBS
d) G20

A

b) BEAR

79
Q

Basel II Accord, established in 2007, addressed which of the following risks?
a) Credit Risk
b) Market Risk
c) Operational Risk
d) Liquidity Risk

  • (a), (b) and (c)
  • (a), (c) and (d)
  • (b), (c) and (d)
  • (a) and (c)
A
  • (a), (b) and (c)

Why not liquidity risk?

80
Q

Which of the following is NOT one of the principles of responsible banking put forward by UNEP?
a) Alignment
b) Impact and Target Setting
c) Corporate Social Responsibility
d) Governance and Culture

A

c) Corporate Social Responsibility

81
Q

Which of the following regulatory bodies is considered the “lender of last resort”?
a) Reserve Bank of Australia
b) Australian Tax Office
c) Australian Prudential Regulation Authority
d) Australian Securities Exchange

A

a) Reserve Bank of Australia

82
Q

What are the three stages of the money laundering cycle?
a) Introduction, Folding, Investigation
b) Placement, Layering, Integration
c) Introduction, Layering, Investigation
d) Placement, Folding, Integration

A

b) Placement, Layering, Integration

83
Q

What is NOT a characteristic of a Company?
a) Separate Legal Entity
b) Must be registered with ASIC
c) Business Operations are controlled by Directors and owned by Shareholders
d) Business losses can be offset against personal income

A

d) Business losses can be offset against personal income

84
Q

Which of the following would be considered ‘wholesale’ clients?
a) An individual with gross income of $ 200,000
b) The product being invested in or advised on has a value of $ 800,000
c) A listed entity and its related body corporates
d) A business that has 120 employees

  • (a) and (b)
  • (a), (c) and (d)
  • (b) and (d)
  • (b), (c) and (d)
A
  • (b), (c) and (d)
85
Q

The Council of Financial Regulators (CFR) is the co-ordinating body for Australia’s main financial regulatory agencies and aims to:
a) Enforce a range of legislative provisions primarily under the Corporations Act, 2001
b) Enforce a range of legislative provisions aimed to promote the overall stability of the financial system
c) Advise government on the adequacy of Australia’s financial regulatory arrangements
d) Facilitate sharing of information amongst members

  • (a), (c) and (d)
  • (b) and (c)
  • (c) and (d)
  • (b), (c) and (d)
A
  • (c) and (d)
86
Q

Which Australian regulator might prohibit a merger or acquisition between two large banks?
a) AUSTRAC
b) ACCC
c) ASIC
d) OAIC

A

b) ACCC

87
Q

Which of the following is NOT one of the 4 pillars of fiduciary duty?
a) Principles
b) Planning
c) Process
d) Prudence

A

b) Planning

88
Q

There are six key elements to a valid contract. Which of the following are elements of a valid contract?
a) Offer and acceptance
b) Transfer of funds
c) Legal capacity of the parties to act
d) An intention between the two parties to create binding relations

  • (a) and (c)
  • (a), (b) and (c)
  • (a), (c) and (d)
  • (c) and (d)
A
  • (a), (c) and (d)
89
Q

_________________ has licenced NAB to provide financial services and act as a consumer credit provider.

a) Reserve Bank of Australia
b) ASIC
c) AUSTRAC
d) APRA

A

b) ASIC

90
Q

Which of the following is a role of the RBA?
a) Monetary policy
b) Financial policy
c) Fiscal policy
d) Financial markets operations

A

a) Monetary policy

91
Q

Which of the following is not considered to be sensitive information under the Australian Privacy Principles?

a) Marital status
b) Religious affiliations or beliefs
c) Criminal record
d) Political opinions

A

a) Marital status

92
Q

What are the three primary elements of the payments system?

A

1) Consumer payment methods
2) High Value Clearing System (HVCS) - Uses SWIFT to exchange payments, and RITS (Reserve Bank Information Transfer System) for settlement.
3) Clearing and Settlement Systems - ASX Clear, ASX Clear (Futures), Austraclear, CHESS

93
Q

The ACCC aims to promote competition and fair trade, what are three main areas it does this?

A

1) Administer lays to protect consumers from unfair business practises
2) Prohibit anti-competitive behaviour and the monitoring of prices
3) Prohibit mergers and acquisitions that lessen market competition.

94
Q

What are some specific industries regulated by the ACCC?

A

Airports, electricity, gas and telecommunications.

95
Q

What is cuckoo smurfing in the context of money landering?

A

Targets international money transfers into Australia, where the account holders are unaware of the activity. Happens when the funds overseas are transferred to a money transfer business for deposit in Australia, however the transfer does not take place. Instead, the funds come from illegal activities and deposited into the Australian account. Legitimate funds were swapped for illegitimate behind the scenes.

96
Q

What are tipping off provisions as part of the AML/CTF?

A

When submitting a Suspicious Matter Report (SMR) it against the law to tell the customer or anyone else that you have formed a suspicion on submitted an SMR. Exceptions exist such as communicating within your designated business where the information relates to affairs or risks associated with that customer.

97
Q

In relation to data privacy what are examples of sensitive information categories?

A

Health, racial/ethnic origin, political opinions, membership to political/professional association or union, religious beliefs, philosophical beliefs, sexual orientation, criminal record.

98
Q

When is it appropriate to disclose personal information?

A

1) Individual has consented to secondary use or disclosure
2) Individual would reasonably expect the entity to use or disclose their personal information
3) Disclosure is required under law
4) Health situation exists in relation to disclosure
5) Disclosure required for one or more law enforcement-related activities

99
Q

What is the FSB?

A

Financial Stability Board that co-ordinates national financial authorities and international standards setting bodies.

100
Q

What is the relationship between bank and customer?

A

Contractual relationship which begins when an account is opened.

NAB Professional Banking Fundamentals (7 decks)

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