CProf (SA) Practice Questions - CISA Compliance Professional CProf (SA) Board Examination Exam

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A financial institution in South Africa subject to the Financial Intelligence Centre Act (FICA) fails to verify the legal status of an ultimate beneficial owner (UBO) controlling 30% of a corporate client. Under FICA provisions, what type of non-compliance is this considered?

A technical accounting error carryover A non-compliance failure under customer due diligence (CDD) obligations subject to administrative sanctions by the FIC or FSCA A criminal offense under the Companies Act 71 of 2008 only A permissive exception under South African common law

Correct Answer:

A non-compliance failure under customer due diligence (CDD) obligations subject to administrative sanctions by the FIC or FSCA

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