RE 5 Topic 9 Quiz 2

Which one of the following is not an objective of the Financial Intelligence Centre Act?

Debra is acting on behalf of her elderly mother with regard to a series of bank transactions. Debra’s mother has a long-standing relationship with the bank. In terms of the Financial Intelligence Centre what must the bank do in this regard?

i).Debra mother’s identity must be verified.

ii)Debra and Debra’s mother’s identity must be verified.

ii)The authority of Debra to act on her mother’s behalf must be verified.

iv)Senior management approval must be obtained before concluding the transactions

Which of the following statements with regard to outsourcing of the record-keeping requirements by an accountable institution under the Financial Intelligence Centre Act are incorrect?

i).If the records are kept by a third party, it must still be ensured that the records readily available to the Financial Intelligence Centre and the relevant supervisory body.

ii).If the records are kept by a third party, it must still be ensured that the records readily available to the Financial Intelligence Centre only.

iii).The Financial Intelligence Centre and the relevant supervisory body should also be provided with particulars of such third-party provider.

iv).The Financial Intelligence Centre should also be provided with particulars of such third-party provider.

In terms of the Financial Intelligence Centre Act, the risk management and compliance program of an accountable institution must adhere to which of the following?

If an accountable institution fails to provide ongoing training to employees as prescribed in terms of the Financial Intelligence Centre Act, the institution may be subject to which one of the following enforcement actions?