KVV Inc. Training Centre Test - FICA

Financial Intelligence Centre Act
This is a Multiple Choice questionnaire of 10 questions.

Please read each question carefully and provide your answers as indicated.

Good Luck!

T&C's apply.

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* 1. Kindly provide your full details to begin with test.

Full Name

Company

Email Address

Contact Number

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* 2. What is the purpose of the Financial Intelligence Centre Act?

To prevent foreign nationals from doing business in South Africa

To combat financial crimes such as money laundering and funding for terrorist activities

To depart from international money laundering standards

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* 3. What change did the FICA Amendment Act introduce with regards to the approach that accountable institutions must follow?

From rule-based approach to risk-based approach

From risk-based approach to rule-based approach

From relevance-based approach to rule-based approach

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* 4. Which of the following is an example of an Accountable institution:

Estate Agents

Attorneys

Both a and b above

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* 5. Which one of the following obligations is not an obligation placed on an Accountable Institution by the Act?

Record-keeping

Registration with FIC

Compliance with Labour Laws

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* 6. The Act specifically introduces customer due diligence measures for trusts, legal persons and partnerships. The purpose is to:

Prevent Accountable Institutions from entering into transactions with trusts, legal persons and partnerships

Identify the people behind the company structure in order to ensure compliance

Prevent transactions with legal persons

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* 7. The Act prohibits an Accountable Institution from entering into a single transaction or a business relationship with the following person/s:

Foreigners

Anonymous clients

Trusts

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* 8. How long should an Accountable Institution keep records of a single transaction?

5 years after conclusion of the single transaction

5 years after the commencement of the single transaction

3 years after conclusion of the single transaction

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* 9. Which one of the following statements about the purpose of the Risk Management and Compliance Programme is not true:

To set out compliance obligations and procedures for compliance

To set out the policies and procedures to prohibit foreigners to enter into a business relationship in South Africa

Includes policy documents, procedures, systems and controls

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* 10. Is the following statement True or False: "The Accountable Institution has the discretion to design their own Risk Management and Compliance Programme to suit their individual business needs."

True

False

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* 11. Is the following statement True or False: "Directors will not be held accountable for an inadequate Risk Management and Compliance Programme if they appoint a compliance officer."

True

False