Ethics week 3

Question	Answer
Can you name the 6 different types of operational risk?	reputational risk process risk people risk systems risk legal risk event risk
When a company introduces a code of conduct is it legally enforceable	No
Can you name the five key ethical organisational values that an organisation should include in its code of practice, if it is to comply with the "spirit " of regulations?	Being transparent with customers, colleagues and customers. Paying suppliers on time. Treating employees fairly. Reporting financial information clearly and on time. Open and honest about gifts.
What is the maximum punishment for money laundering	Unlimited fine and 14 years jail
Is "tipping off" an offence	Yes you can be prosecuted and face up to 5 years imprisonment.
If during a social conversation you hear of suspected money laundering activities are you obliged to report it?	No
If an accountant fails to report a suspicion of money laundering to the firms MLRO or the NCA is there an offence committed?	Yes, failure to disclose is an offence that can carry a punishment of up to 5 years imprisonment.

Resource summary

	Created by ross young over 7 years ago