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FICA stands for Financial Intelligence Centre
True
FICA imposes certain duties on institutions and other persons who might be targeted for money laundering purposes.
True
The principal objective of the FIC is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities.
True
Nurses are held accountable to the FIC for the fulfilment of specific duties in terms of FICA.
True
The .... is responsible for reporting suspicious and unusual transactions and cash transactions exceeding the prescribed limit to the FIC.
Money Laundering Reporting Officer
The ... has the responsibility to ensure compliance by the employees of the accountable institution with the provisions of FICA and the internal rules applicable to them.
Compliance Officer
Records of clients must be kept for a period of 15 years.
False
If another person is acting on behalf of a client, record must be kept of the identity of that other person.
True
FICA makes tipping-off an offence.
True
A person found guilty of tipping-off could face a fine of up to R1 000.
False
A person found guilty of tipping-off could face 5 years imprisonment.
False
Loans against policies/products shortly after purchasing it is an example of a suspicious transaction.
True
Transaction involving large cash amounts is an example of suspicious a transaction.
True
Employees shall prove, by answering a number of questions correctly that they are capable to comply with the provisions of FICA applicable to them.
True
FIC stands for Financial Intelligence Centre.
True
Information regarding money laundering activities is received, stored and handed over to the appropriate authorities for further disposal.
FIC
