, 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)
Absa Bank Ltd is classified as an accountable institution under
the Financial Intelligence Centre Act 38 of 2001 (FICA).
Explanation:
1. Definition under FICA
FICA defines accountable institutions in Schedule 1 of
the Act, which includes banks and financial institutions.
These institutions are subject to strict anti-money
laundering (AML) and counter-terrorism financing (CTF)
obligations.
2. Application to Absa Bank in the Case
In Joint Stock Co Varvarinskoye v Absa Bank Ltd and
Others 2008 (4) SA (SCA), Absa Bank was involved in a
transaction where the legitimacy of funds was questioned.
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)
Absa Bank Ltd is classified as an accountable institution under
the Financial Intelligence Centre Act 38 of 2001 (FICA).
Explanation:
1. Definition under FICA
FICA defines accountable institutions in Schedule 1 of
the Act, which includes banks and financial institutions.
These institutions are subject to strict anti-money
laundering (AML) and counter-terrorism financing (CTF)
obligations.
2. Application to Absa Bank in the Case
In Joint Stock Co Varvarinskoye v Absa Bank Ltd and
Others 2008 (4) SA (SCA), Absa Bank was involved in a
transaction where the legitimacy of funds was questioned.
