, 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.
5.1 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)
5.1 Absa Bank as an Accountable Institution
Absa Bank is an accountable institution under
FICA, as it is a registered bank and falls within
the categories of institutions listed in Schedule
1 to FICA. Accountable institutions have specific
obligations, including customer due diligence,
record-keeping, and reporting suspicious or
unusual transactions.
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.
5.1 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)
5.1 Absa Bank as an Accountable Institution
Absa Bank is an accountable institution under
FICA, as it is a registered bank and falls within
the categories of institutions listed in Schedule
1 to FICA. Accountable institutions have specific
obligations, including customer due diligence,
record-keeping, and reporting suspicious or
unusual transactions.
