All RE5 questions
FIC Act FIC Act Compliance (CDD, AML/CFT, Reporting)
By when must a suspicious or unusual transaction report be filed with the FIC?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) As soon as reasonably possible after the suspicion arises, without waiting for proof.Correct
- b) Within ninety days, after conclusive evidence is gathered.
- c) Only at the end of the FSP's financial year, in a consolidated report.
- d) Only if a court first orders the report to be filed.
Why this is the answer
An STR must be filed as soon as reasonably possible once the suspicion arises — proof is not required. Waiting for year-end, a 90-day proof-gathering window, or a court order all defeat the prompt-reporting duty.
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