Subject Title - INSETA

Self-Assessment Answers1. 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 creditgrantingactivitiesb) 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 institutionsd) In terms of the FIC Act, accountable institutions are requiredto obtain statements from customers suspected to belaundering money2. 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 identifiedb) The reports required under the FIC Act for FAIS purposesmust be sent to the FAIS Department at the FSBc) Accountable institutions must have and implement internalrules that include client identification and verification andsteps to be taken to determine and report suspicioustransactionsd) The FICA requires only financial institutions, their managersand employees of such businesses to identify and reportsuspicious and unusual transactions to the Financialintelligence Centre© INSETA - Section 1 12a 259