Under the FIC Act, when must an accountable institution establish and verify a new client's identity?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

1. a) Only if the client volunteers that they wish to be verified.
2. b) Never — verification is the bank’s job, not the FSP’s.
3. c) As part of customer due diligence, before or when establishing the business relationship or concluding a single transaction.Correct
4. d) Only after the first year of dealing with the client has elapsed.