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The following extract is from Section 21 of the Financial Intelligence Centre Amendment Act No. 1 of 2017: Doubts about veracity of previously obtained information
The following extract is from Section 21 of the Financial Intelligence Centre Amendment Act No. 1 of 2017: Doubts about veracity of previously obtained information 21D. When an accountable institution, subsequent to entering into a single transaction or establishing a business relationship, doubts the veracity or adequacy of previously obtained information which the institution is required to verify as contemplated in Sections 21 and 21B, the institution must repeat the steps contemplated in Sections 21 and 21B in accordance with its Risk Management and Compliance Programme and to the extent that is necessary to confirm the information in question. Read the extract from Section 21D of the FIC Amendment Act and answer the following question. A specific client of the YourBank Private Wealth scheme, who happens to be a government official, has requested complete confidentiality of their information. Only specific members of Ubuntu Bank senior management may review the client's personal information. Read extract 21D from the Financial Intelligence Centre Amendment Act and determine if the following statement is true or false: "The mandate of the compliance function allows compliance professionals the authority to review this client's information should the need arise." Select one: True False
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