All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
What must an FSP do to meet the FIC Act's record-keeping duty for a client it onboarded and later stopped dealing with?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Keep the CDD and transaction records for at least five years from the end of the relationship.Correct
- b) Delete all records the day the relationship ends.
- c) Keep records for only one month.
- d) Hand the records to the client and keep no copy.
Why this is the answer
FIC Act records must be kept for at least five years from the end of the business relationship (or the date of the transaction), so they remain available to the FIC and investigators.
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