LML4807 – BANKING LAW AND USAGE
SEMESTER 2 (2024)
ASSIGNMENT 02 (10 MARKS)
Carefully read the factual scenario below and answer the questions that follow with
Reference to the Financial Intelligence Centre Act 38 of 2001 (FICA).
Marcus is a newly employed teller at the Money Galore Bank in South Africa. One
Day he is approached by a gentleman who identifies himself as Mr. Soobramoney.
Although Marcus is not sure who the person is, he looks similar to someone that he
Has recently seen on TV. Mr. Soobramoney advises Marcus that he is a frequent
Visitor to South Africa and that he has a diplomatic relation with the government of
South Africa. He presents Marcus with an Indian passport. Upon opening the
Passport, Marcus establishes the famous name Rakish Soobramoney, the newly
Elected president of India. President Soobramoney asks Marcus to open a bank
Account for him.
1. In addition to the ordinary identification steps that Marcus is required to take
Before opening such account, what additional steps must Marcus take in order
To open an account in the name of President Soobramoney in terms of FICA?
2. Marcus generally knows that FICA requires the bank to keep records relating to
The identification and verification steps taken in 1 above. What type of
Information must the bank keep records of in relation to the business relationship
With President Soobramoney? (4)
3. Marcus, without seeking advice from his line manager, calls DocSave (Pty) Ltd
SEMESTER 2 (2024)
ASSIGNMENT 02 (10 MARKS)
Carefully read the factual scenario below and answer the questions that follow with
Reference to the Financial Intelligence Centre Act 38 of 2001 (FICA).
Marcus is a newly employed teller at the Money Galore Bank in South Africa. One
Day he is approached by a gentleman who identifies himself as Mr. Soobramoney.
Although Marcus is not sure who the person is, he looks similar to someone that he
Has recently seen on TV. Mr. Soobramoney advises Marcus that he is a frequent
Visitor to South Africa and that he has a diplomatic relation with the government of
South Africa. He presents Marcus with an Indian passport. Upon opening the
Passport, Marcus establishes the famous name Rakish Soobramoney, the newly
Elected president of India. President Soobramoney asks Marcus to open a bank
Account for him.
1. In addition to the ordinary identification steps that Marcus is required to take
Before opening such account, what additional steps must Marcus take in order
To open an account in the name of President Soobramoney in terms of FICA?
2. Marcus generally knows that FICA requires the bank to keep records relating to
The identification and verification steps taken in 1 above. What type of
Information must the bank keep records of in relation to the business relationship
With President Soobramoney? (4)
3. Marcus, without seeking advice from his line manager, calls DocSave (Pty) Ltd
