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FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
After filing a suspicious transaction report, an FSP must not let the client know a report has been made. This prohibition is known as:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The tipping-off prohibition.Correct
- b) Client confidentiality.
- c) The record-keeping rule.
- d) The risk-based approach.
Why this is the answer
Section 29 of the FIC Act makes it an offence to 'tip off' a client (or anyone unauthorised) that an STR has been filed, because it could frustrate the investigation. It is not the same as confidentiality, record-keeping, or the risk-based approach.
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