All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
An adviser forms a suspicion about a client's transaction on Monday 2 March. The compliance officer prefers to file all reports in one batch on 31 March. There are no public holidays in March. Which statement is correct?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The batch is too late, because the report is due within 48 hours.
- b) The batch is in time, because reports may be filed monthly.
- c) The batch is too late: the report is due within 15 working days.Correct
- d) The batch is in time, because 31 March is within 30 days.
Why this is the answer
A suspicious or unusual transaction report must be made as soon as possible, and no later than 15 days, excluding Saturdays, Sundays and public holidays, after the suspicion arose. From 2 March that is 20 March. A monthly batch on 31 March is too late, and there is no 30-day or 48-hour rule for these reports.
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