RSK4804 Assignment 1 Semester 1 ANSWERS 2026 - Due 29 May 2026

RSK4804 Assignment 1 Semester 1 2026 SARB added that the PA imposed a caution not to repeat the conduct which led to the non-compliance. “SBSA failed to comply with section 29 of the FIC Act by not timeously reporting 17,259 STRs and/or SARs to the FIC. The PA imposed a caution not to repeat the conduct which led to the non-compliance and a financial penalty of R4 million. SBSA failed to comply with section 29 of the FIC Act by not reporting one STR to the FIC.” SARB said that the PA imposed a caution not to repeat the conduct which led to the non-compliance and a financial penalty of R1 million. “SBSA failed to comply with FIC Act Directive 5 of 2019 in that: 75,729 automated transaction monitoring system alerts were not timeously attended to within 48 hours; and 94,558 STR/SAR alerts were closed beyond the 15-day reporting period as per regulation 24(3) of the Regulations to the FIC Act. The PA imposed a caution not to repeat the conduct which led to the non-compliance and a financial penalty of R8 million.” SARB added that the PA confirms that SBSA cooperated with them and has undertaken the necessary remedial action to address the identified compliance deficiencies and control weaknesses. Reference: Pillay, Y. (2025) ‘Standard Bank fined R13 Million for violating FIC Act Regulations’, The Star, 24 January, available from: Accessed 17/03/2026 1. Identify five risks applicable in this case and provide a reason for each. (10) 2. What steps can be taken to mitigate the risks identified in this case? (5) NB: Identified risks must be case-specific. If not, no points will be earned. Mitigants must also address those identified risks.