Payments becoming political usually result in citizens being monitored by their Government. South Africans are protected by privacy laws and the Constitution. However, you know better than this when advising South African clients about there finances, because there are certain instances when financial statements and information will have to be made known to a third party. Choose the correct option:

Question

One bank may obtain the bank statements of a client at another bank by applying RICA.


Employers may access employees' bank statements by applying FICA.


Spouses may access each others' bank statements by applying POPI.


SARS may obtain bank statements when auditing South African Taxpayers.

Answer 1

The correct option is:

SARS may obtain bank statements when auditing South African Taxpayers.

This is because the South African Revenue Service (SARS) has the authority to access financial information, including bank statements, during the course of an audit to ensure compliance with tax regulations.

The other options incorrectly apply the relevant legislation or do not accurately describe the circumstances under which such access to financial information is granted.