All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
Which of these does knowing your client properly achieve for an FSP? i) Verifying who the client is. ii) Understanding her profile and circumstances. iii) Supporting suitable advice. iv) Supporting the detection of money laundering.
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Statements i, ii and iv only
- b) Statements ii and iii only
- c) Statements i and ii only
- d) All four statementsCorrect
Why this is the answer
Knowing your client establishes who the client is and understands her profile, which underpins both suitable advice under the Code and the detection of unusual or suspicious activity under the FIC Act.
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