, 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 classified as an accountable
institution under FICA because it is a
registered bank providing financial services,
including accepting deposits and facilitating
transactions. In Joint Stock Co Varvarinskoye v
Absa Bank Ltd, the court confirmed that banks
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 classified as an accountable
institution under FICA because it is a
registered bank providing financial services,
including accepting deposits and facilitating
transactions. In Joint Stock Co Varvarinskoye v
Absa Bank Ltd, the court confirmed that banks
