Subject Title - INSETA

Identification and verification documentation as well as records oftransactions must be kept for five (5) years from the date on whichthe business relationship was terminated.The duty to report suspicious and unusual transactions is imposed onall persons who carry on business, are in charge of or manage abusiness, or are employed by the business.Self-Assessment QuestionsPlease note that the questions which follow are formative in nature. Thequestions were not developed by the FSB‟s examination bodies and as suchcannot be used as an indication of the nature/structure/level of the questionsthat you will encounter in the FSB‟s regulatory examination.1. Consider the following statements carefully and then choose thestatement that is TRUE.a) One of the objectives of the FIC Act is to introduce controlmeasures to assist the detection and investigation of creditgrantingactivities.b) The FAIS compliance report requires information relating toan FSPs adherence to the FAIS General Code with regard to"the necessary policies, procedures and systems to ensurefull compliance with FICA and other applicable anti‐moneylaundering or terrorist financing legislation".c) The FIC Act empowers the Financial Intelligence Centre tosupervise the accountable institutions.d) In terms of the FIC Act, accountable institutions are requiredto obtain statements from customers suspected to belaundering money.2. Which of the following apply to the FIC Act?a) Persons filing suspicious transaction reports are notguaranteed protection against criminal and civil liability forcomplying in good faith with the provisions of FICA and musttherefore take care not to be identified.b) The reports required under the FIC Act for FAIS purposesmust be sent to the FAIS department at the FSB.c) Accountable institutions must have and implement internalrules that include client identification and verification and© INSETA - Section 1 12a 257