QUESTION: 109

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

Wait until the counterparty contacts you to before deciding what to do
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
Ask the counterparty to keep the money and to place (invest) it at a special rate
Ask your accounting department to book the amount as a loss

Answer(s): B

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QUESTION: 110

The use of a net open positions report:

can be used to show the counterparty the amounts it has to pay
can be used as the basis of reporting the bank’s position to the relevant central bank of the country concerned, against the limit granted for the bank
can be used as the basis of reporting the bank’s position to the relevant tax regulations office of the country concerned
can be used to adjust the country limits

Answer(s): C

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QUESTION: 111

You have 10 credited amounts of 1 million each with same value date and same currency. Which of the following items is most helpful in reconciling these amounts?

When the deal was processed is a good indication of the amounts to be reconciled
Each deal is registered according to a unique reference which helps in reconciling the items
The BIC-address helps you to reconcile the open items
None of the above. You should telephone your counterparties to request more information

Answer(s): B

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QUESTION: 112

Why should the maturity profile of unreconciled items be frequently reviewed?

It allows the compliance officer to see how often the reconciliation staff has claimed for an outstanding item
It allows management to see what items are pending by value and counterparty, but also how long items have been outstanding and whether there is an improvement in the pace of reconciliations.
It allows reconciliation staff to check the bilateral limits with counterparties and to adjust these limits as necessary
Because the most recent figures have to be published in the balance report

Answer(s): C

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Free 3I0-013 Exam Braindumps (page: 29)

QUESTION: 109

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QUESTION: 111

QUESTION: 112

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