, LML4807 Assignment 1 (COMPLETE ANSWERS)
Semester 1 2025 - DUE March 2025; 100% correct solutions
and explanations.
With reference to Joint Stock Co Varvarinskoye v Absa Bank
Ltd and Others 2008 (4) SA (SCA) You are the compliance
officer for Absa Bank Ltd, a registered bank. It is one of your
duties to ensure that LML complies with its obligations in terms
of the Financial Intelligence Centre Act 38 of 2001 (“FICA”).
You need to answer the following questions with reference to
the obligations imposed on Absa Bank in terms of FICA.
1 With reference to the facts in the case Explain whether Absa
Bank is an accountable institution or a reporting institution, as
intended under FICA. (2) (Your answer must not exceed 4 lines)
Under the Financial Intelligence Centre Act 38 of 2001
(FICA), an accountable institution is any entity listed in
Schedule 1 of the Act, which includes banks. A reporting
institution, on the other hand, is an entity listed in Schedule 3
of FICA, such as motor vehicle dealers and second-hand goods
dealers, which have limited reporting obligations.
Application to Absa Bank Ltd
In Joint Stock Co Varvarinskoye v Absa Bank Ltd and
Others 2008 (4) SA (SCA), Absa Bank was involved in a
dispute regarding payments and alleged breaches of banking
duties. Under FICA, Absa Bank is an accountable institution
because:
Semester 1 2025 - DUE March 2025; 100% correct solutions
and explanations.
With reference to Joint Stock Co Varvarinskoye v Absa Bank
Ltd and Others 2008 (4) SA (SCA) You are the compliance
officer for Absa Bank Ltd, a registered bank. It is one of your
duties to ensure that LML complies with its obligations in terms
of the Financial Intelligence Centre Act 38 of 2001 (“FICA”).
You need to answer the following questions with reference to
the obligations imposed on Absa Bank in terms of FICA.
1 With reference to the facts in the case Explain whether Absa
Bank is an accountable institution or a reporting institution, as
intended under FICA. (2) (Your answer must not exceed 4 lines)
Under the Financial Intelligence Centre Act 38 of 2001
(FICA), an accountable institution is any entity listed in
Schedule 1 of the Act, which includes banks. A reporting
institution, on the other hand, is an entity listed in Schedule 3
of FICA, such as motor vehicle dealers and second-hand goods
dealers, which have limited reporting obligations.
Application to Absa Bank Ltd
In Joint Stock Co Varvarinskoye v Absa Bank Ltd and
Others 2008 (4) SA (SCA), Absa Bank was involved in a
dispute regarding payments and alleged breaches of banking
duties. Under FICA, Absa Bank is an accountable institution
because:
