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Match the sort element to the criterion
- 15 BUSINESS DAYS
- 5 BUSINESS DAYS
- 2 BUSINESS DAYS
SUSPICIOUS TRANSACTION REPORT (STR)
TERRORIST PROPERTY REPORT (TPR)
CASH THRESHOLD REPORT (CTR)
Where an employee acts in such a way as to notify a client that an STR has been filed on their account, this is classified as
Who is categorised as a PIP?
How much is the prescribed value for a transaction to be considered a “single transaction”
Crimes related to racketeering can be prosecuted in terms of which Act?.
In the case where an accountable institution is unable to perform Customer Due Diligence as contemplated in section 21, the institution …….
A PIP should be treated as a…….
What type of report must be submitted if a potential client refuses to provide the required client identification and verification documentation
What is the penalty for not keeping records?
- Customer Due Diligence
- Single Transaction
an identification process to establish and verify the identity of clients PRIOR to establishing a business relationship or concluding a transaction.
conduct a detailed risk assessment to detect suspicious behavior.
an advanced KYC due diligence process for further risk investigating.
It is a person within the main company that owns or controls over 10% of the company shares
Type of report that must be send to the FIC as soon as possible and not longer than 15 working days.
Value of the transaction is more than R4 999.00
Should a staff member not get consent from a customer to collect personal information, they are in contravention of which legislation?
Your jewelry shop has a customer, Mrs. Tsao, who appears affluent and is interested in buying a number of luxury watches and jewelry accessories. You recently read an article in the newspaper suggesting Mrs. Tsao’s husband is a prominent triad figure who has allegedly made a lot of money out of the sale of pirated discs and other counterfeit products. Mrs. Tsao has spent over R6 million last year in your shop. All purchases are settled by personal cheques drawn on her husband’s account. What will be your best action?
What is a risk?
Section 42 of FICA contains a long list of all
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”
What transactions constitute a “Section 29” report? Choose all that apply.