RE 5 Topic 9 Quiz 3

Which one of the following organisations is regarded as a reporting institution in terms of the Financial Intelligence Centre Act?

In terms of the Financial Intelligence Centre Act (FICA), which of the following directives must be published in the Government Gazette?

Jan Blom is a client of Bank A. Jan opened a savings account on 1 January 2012. Jan closed the savings account on 1 November 2012 as he opened a cheque account with the same bank on the same date.  On 22 February 2014 Jan also opened a fixed deposit account with Bank A.

Jan closed all his bank accounts with Bank A on 31 December 2015. Until when is Bank A required to keep the FICA records for Jan Blom as prescribed in terms of the Financial Intelligence Centre Act (FICA)?

A client of a mutual bank deposit a cash amount higher than the current reportable limit. Which of the following statements in this regard are correct?

i. The mutual bank must report the event to the Financial Intelligence Centre by no later than 2 days after the deposit.

ii. The mutual bank must report the event to the Financial Intelligence Centre by no later than 2 working days after the deposit.

iii. The Financial Intelligence Centre can request the mutual bank to not release the money for a period of no longer than 10 days.

iv. The Financial Intelligence Centre can request the mutual bank to not release the money for a period of no longer than 10 working days.

The Financial Intelligence Centre Act (FICA) allows for a person who made a report to the Financial Intelligence Centre to disclose information regarding the report under which of the following circumstances?

i. If it is within the power and duties of that person in terms of any legislation.

ii. For carrying out the provisions of the FAIS Act.

iii. Legal proceedings before a judge in chambers.

iv. In terms of an order of court.