Subject Title - INSETA

steps to be taken to determine and report suspicioustransactions.d) The FICA requires only financial institutions, their managersand employees of such businesses to identify and reportsuspicious and unusual transactions to the Financialintelligence Centre.3. Section 21(1) of the FICA requires accountable institutions to:a) identify new clientsb) verify the particulars of new clientsc) verify the marital status of clientsd) a) and b)4. Section 21 (2) states that if an accountable institution hadestablished a business relationship with a client before the FICA tookeffect, it may not conclude further transactions in the course of thatbusiness relationship, unless prescribed steps are taken to ensure theidentities of the clients are established and verified – there was aperiod of time granted for compliance with this requirement.a) Trueb) False5. Section 22 of the FICA requires accountable institutions that establisha business relationship or conclude a transaction with a client, tokeep records of a single transaction or of additional transactionsconcluded in the course of a business relationship.a) Trueb) False258 © INSETA - Section 1 12a