Counter fraud awareness & reporting Flashcards
A client has advised you that in addition to their main income, they earn a further £9,000 per annum ‘off the books’. In addition to notifying compliance, what action should you take?
Advise the client we will be unable to assist them.
When completing an application form with one of two clients, they ask you to withhold some of their credit commitments as they do not wish the other applicant to know about their debts. How could you accommodate this request?
Explain the application form must be fully and accurately completed.
If you suspect & report another employee for illegal actions to which you are not party, what are the repercussions to you?
There are no repercussions for using the whistleblowing policy. It is anonymous & confidential.
In addition to the passport, which of the following would be required for a client who has recently divorced and wishes to use her maiden name?
Decree Absolute & Marriage Certificate
Two parents state they wish to purchase a residential property for them and their three children. It is however a two bedroom flat in a commuter area. How should you address your concerns?
Discuss their overall objectives and probe current circumstances further with the clients before deciding how best to proceed.
A 22 year old earning £20,000p.a. has a £100,000 deposit, which they claim is from savings. They have provided a savings account statement showing this; however their income does not support this level of savings. You must…
Explore further, see what explanation the client offers and whether they can corroborate it.
Which of the following is incorrect. The Proceeds of Crime Act 2002 states it is an offence to:
Conceal the existence of an investigation from a client.
You suspect your colleague may be helping their clients with fraudulent applications, what should you do?
Report your suspicions to a member of senior management in confidence.
You see a client who forgets to bring in their photo ID but they later send you a copy of it. You…
Tell the client you they must provide the original to you.
You submit a joint application, having only met one of the clients who has requested all communication be with them. When contacting client one to update them, the second client answers and they deny any knowledge of the application. In addition to notifying Compliance, what is the best course action initially?
Determine the second client’s understanding of the process further, whether they recall signing paperwork and ask them to confirm their recollections in writing/via email.
A non face-to-face transaction is carried out. The client works at a solicitors and wants her identification to be certified within her firm; is this permitted?
Yes, providing it is certified by a different solicitor at the firm.
If a client receives payslips but is paid in cash, would you report this to the NCA?
No
A client receives £50,000 basic p.a. and no other income and intends to stay in the property indefinitely. They require a £250,000 mortgage with a no-ties product despite the rate being higher. How should you address this?
As their ability to overpay is limited, you should explore why they want this feature, advising on potential alternatives.
You have received an accountant’s reference, however they are not registered with any trade bodies and the address appears to be a residential one. How should you pursue this?
Request other proof of income and ensure the client is aware of the accountant’s status.
Would a two-month old mobile phone bill be an acceptable proof of address?
No
