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FICA & KYC Essentials (Section 21A)
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Choose the correct answer:Which of the following is a process or procedure for customer due diligence?
State whether the following statement is True or False:The Financial Intelligence Centre was established by the Financial Advisory and Intermediary Services Act.
Choose the correct answer:The risk-based approach introduced by the FIC Amendment Act requires all Accountable Institutions to ensure that business relationships are not entered into with individuals involved in:
Choose the correct answer:The risk-based approach introduced by the FIC Amendment Act requires Accountable Institutions to apply it to which of the following FICA control measures?
State whether the following statement is True or False:The Financial Intelligence Centre Act sets out control measures for Accountable Institutions to detect and prevent money laundering, terrorist financing, and proliferation financing.
State whether the following statement is True or False:The PPS Group RMCP consists of only one document.
Choose the correct answer:If PPS receives R50,000.00 in cash from a member, what type of report must be submitted to the FIC?
Choose the correct answer:In terms of the FIC Act, money laundering is defined in Section 1 as:“An activity which has or is likely to have the effect of _______________ or disguising the nature, source, location, disposition, or movement of the proceeds of unlawful activities or any interest which anyone may have in such proceeds, and includes any activity which constitutes an offence in terms of Section 64 of the FIC Act or Sections 4, 5, and 6 of the Prevention of Organised Crime Act.”
Choose the correct answer:As part of the Accountable Institution’s RMCP and in compliance with Section 21 of FICA, must the identity of any prospective client be verified before entering into a single transaction or establishing a business relationship?
Choose the correct answer:An accountable institution must keep records of the conclusion of a business relationship with a client for: