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FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
An accountable institution must verify a client's identity. For a South African individual, this typically includes:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Establishing and verifying the person’s full name and identity (and residential address as required) using reliable information.Correct
- b) Only noting the person’s first name.
- c) Relying entirely on the client’s verbal say-so without any verification.
- d) Skipping verification for anyone who seems trustworthy.
Why this is the answer
FIC Act customer due diligence requires identifying and verifying the client (full name and identity, and address/other particulars as required) using reliable, independent information — not just a name or unverified say-so.
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