All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
When an accountable institution verifies a South African individual's identity, which of these does it typically need to establish and verify? i) Her full name. ii) Her date of birth and identity number. iii) Her favourite investment products. iv) Her residential address, where its programme requires it.
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Statements i and ii
- b) Statements i, ii and iii
- c) Statements i, ii and ivCorrect
- d) All four statements
Why this is the answer
Customer due diligence for a South African individual involves establishing and verifying her full name, date of birth and identity number, and other information such as her residential address where the institution's Risk Management and Compliance Programme requires it. Her product preferences are not identifying information.
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