All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
The FIC may impose administrative sanctions on an FSP for breaching the FIC Act. Which combination are recognised administrative sanctions? i) A reprimand. ii) A restriction on business activities. iii) A monetary penalty. iv) A mandatory prison term for the key individual.
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) All four statements
- b) Statements i, ii and iiiCorrect
- c) Statement iii only
- d) Statements iii and iv
Why this is the answer
Administrative sanctions are civil in nature: reprimands (i), restrictions on business (ii) and monetary penalties (iii). Imprisonment (iv) is a criminal penalty imposed by a court, not an administrative sanction the FIC can impose.
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