All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
What does the FIC Act require of an accountable institution that identifies a reportable transaction?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) File the required report with the Financial Intelligence Centre within the prescribed period.Correct
- b) Report it to the FSP’s competitors.
- c) Publish it in the newspaper.
- d) Wait until audited at year-end.
Why this is the answer
Reportable transactions (cash-threshold or suspicious/unusual) must be reported to the FIC within the prescribed period. Reports go to the FIC, not competitors or the public, and cannot wait for a year-end audit.
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