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What are the key stages in Money Laundering?
Sort the definition to the correct term.
- Money Launderers bring the dirty money into the “real” financial world.
- Moving the money around to hide its original source.
- Getting the money out so it can be used without attracting attention – “collecting the laundry”
Launderers are most vulnerable to being caught during the Integration stage –because it involves moving large amounts of cash.
Crimes related to racketeering can be prosecuted in terms of which Act?.
When should an AI or a RI register with the Centre?
What is the FIC’s registration and reporting platform called?
What are the penalties for failure to register as an Accountable or Reportable institution?
Which of the below Acts does not govern money laundering and terrorist funding in the SA?
Choose the correct statement.
As a MLCO it is part of your job to;
Complete the sentences by choosing the correct word.
- Enhanced Due Diligence
- Ultimate Beneficial Owner
The FIC Act ___________an accountable institution from doing business with an anonymous client or a client with an apparent false or fictitious name
If the MLCO decides that something needs reporting, they must not be _________.
__________ is a KYC process that detects risk that cannot be detected by customer due diligence designed for dealing with high-risk customers and large transactions.
An __________ is formally defined as a person with significant control at the “top of a tree” in a business.
A ______________ transaction must be reported regardless of the amount of the transaction
What is a risk?
What is a“PIP”?
Disclosing that an investigation is being contemplated on the customer’s account is considered as;
Prominent Influential Persons (PIP’s) are identified as higher risk customers. Because they are in a position of influence and there is a strong probability of abuse of authority.
A PIP should be treated as a;
Which of the following need to be approved by senior management?
What transactions constitute a “Section 29” report? Choose all that apply.
What is the period for reporting a Suspicious Activity to the FIC?
If a customer conducts a Suspicious transaction involving more than R10,000, your company is not required to file a STR.
What is the period for reporting CTRs to the FIC?
What is the prescribe amount for a cash transaction to be reported to the FIC?
What is the period for reporting TPRs to the FIC?
Choose the most correct statement;
Inspection of a private residence can be carried out without a warrant.
What is the value of a “single transaction”?
Choose the correct answer/s.