Assessment: Financial Sector Act as Amended : Online CPD Course
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Question 1 of 20
1. Question
What does CFT stand for in the context of financial regulations?
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Question 2 of 20
2. Question
What does a Mutual Evaluation Report (MER) assess?
i. A country’s compliance with FATF recommendations
ii. The efficiency of a financial institution
iii. The economic stability of a nation
iv. The integrity of auditing practicesCorrectIncorrect -
Question 3 of 20
3. Question
What is the purpose of Public Compliance Communications (PCC)?
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Question 4 of 20
4. Question
What does the Financial Sector Conduct Authority (FSCA) regulate within the financial services sector?
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Question 5 of 20
5. Question
Which organization oversees banks and certain financial institutions to ensure AML/CFT compliance?
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Question 6 of 20
6. Question
What was the catalyst for enacting the General Laws Amendment Act in South Africa?
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Question 7 of 20
7. Question
When must accountable institutions register with the Financial Intelligence Center (FIC)?
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Question 8 of 20
8. Question
What triggers the obligation to submit a Cash Threshold Report (CTR) under the FIC Act?
i. Involvement of attorneys
ii. Transactions exceeding R49,999.99 in cash
iii. Electronic transfers exceeding R50,000
iv. Issuers of Travelers ChequesCorrectIncorrect -
Question 9 of 20
9. Question
What is the primary purpose of International Funds Transfer Reports (IFTRs)?
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Question 10 of 20
10. Question
Which of the following is NOT a key component of a Risk Management and Compliance Program (RMCP)?
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Question 11 of 20
11. Question
Under what circumstance can the Customer Due Diligence (CDD) process be discontinued?
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Question 12 of 20
12. Question
What does PCC 51 provide detailed guidance on?
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Question 13 of 20
13. Question
What is the responsibility of accountable institutions regarding frozen assets related to sanctioned parties?
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Question 14 of 20
14. Question
What is the consequence of failure to adhere to the Automated Transaction Monitoring Systems (ATMS) Directive?
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Question 15 of 20
15. Question
How long must accountable institutions retain client identification and verification records, as per the FIC Act?
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Question 16 of 20
16. Question
What is the primary goal of employee training under the FIC Act?
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Question 17 of 20
17. Question
Which axis of the risk matrix measures the probability that a risk event will occur in the context of AML/TF?
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Question 18 of 20
18. Question
What does EDD stand for in the context of AML/TF mitigation strategies?
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Question 19 of 20
19. Question
Which metric is used to assess the effectiveness of Customer Due Diligence (CDD) processes in the evaluation of Risk-Based Approach (RBA)?
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Question 20 of 20
20. Question
Who is responsible for ensuring the Risk Register reflects the latest AML/TF laws and guidelines?
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