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CAS3701 Assessment 15
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CAS3701 Assessment 15 answers
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CAS3701 ASSESSMENT 15This is a guidance on how to answer Assessment 15.
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To ensure that all requirements are met, it is recommended that users employ a rubric to
check if all expectaEons are saEsfied.
1. **Business and Professional Ethical Dilemmas**
A. **Viola:on of Due Diligence:** The Financial Intelligence Centre Act (FIC Act) obliges
PropertyInvest Ltd to conduct due diligence to determine the source of a property buyer’s
funding. This is to prevent involvement in illicit ac:vi:es such as money laundering. The CEO,
Mr. Nooks, knowingly bypassed this process, viola:ng both the FIC Act and the company's
policy.
B. **Conflict of Interest:** Mr. Nooks' decision to override the due diligence test may be
influenced by personal interests (possibly financial gains) rather than the best interests of
the company. This cons:tutes a conflict of interest and violates the principles of fairness and
honesty in business prac:ces.
C. **Risk to Reputa:on and Financial Stability:** If Mr. Caesar is indeed involved in money
laundering, the company's associa:on with him could damage its reputa:on, share price,
and financial stability. Ignoring this risk for short-term profit undermines the principles of
prudence and professionalism.
2. **Comparing Decisions and Their Consequences**
A. **Complete the Due Diligence Test:**
- **Legal and Ethical Requirements:** Comple:ng the due diligence test is a requirement
under the FIC Act, and it aligns with the company’s policy. By doing so, you would be
complying with legal and ethical standards.
- **Consequences:** There may be fric:on with the CEO, but it would protect the
company from poten:al legal consequences and reputa:onal damage. If Mr. Caesar's funds
are found to be illicit, the transac:on can be halted, safeguarding the company. However, if
the source of funds is legi:mate, the transac:on can proceed without poten:al legal or
reputa:onal risks.
B. **Leave the MaXer as Is:**
- **Legal and Ethical Requirements:** Ignoring the issue would mean a viola:on of the
FIC Act and the company's policy, compromising both legal and ethical standards.
- **Consequences:** In the short term, the company may profit from the transac:on.
However, if Mr. Caesar's funds are illicit, the company could face serious legal repercussions,
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