Mark is a bank manager who collects valuable paintings but is currently facing financial problems.Andrew is a bank clerk, who has stolen various paintings and wishes to sell these paintings.Being aware of Mark’s financial situation,Andrew approaches Mark and asks him to help him sell the paintings and deposit the proceeds in a bank account. In return Mark will receive half the proceeds from the sale. Though reluctant, Mark putsAndrew in contact with a buyer and later opens a bank account in the name of a fictitious person at the branch he manages, and deposits thereinAndrew’s share of the proceeds of the sale of the stolen paintings.Required: (b)Explain the principal obligations of a Subject Person in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations, 2008. (5 marks)