, LML4807 Assignment 1 (COMPLETE ANSWERS) Semester 1
2025 - DUE March 2025; 100% TRUSTED Complete, trusted
solutions and explanations…wishing you all the best
5.1 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 is an accountable institution under FICA, as it is a
financial institution that provides financial services such as
banking, which requires it to comply with the reporting and
record-keeping obligations set out in FICA. This includes
performing customer due diligence, reporting suspicious
transactions, and keeping transaction records.
5.2 The Financial Intelligence Centre must monitor accountable
institutions’ compliance with FICA, but the Centre does not
fulfil a supervisory function. Schedule 2 to FICA lists specific
supervisory bodies. List three (3) of these supervisory bodies.
(3) (Your answer must not exceed 6 lines)
The Financial Intelligence Centre (FIC) monitors the overall
compliance of accountable institutions with FICA but does not
directly supervise them. Instead, the FIC relies on specific
2025 - DUE March 2025; 100% TRUSTED Complete, trusted
solutions and explanations…wishing you all the best
5.1 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 is an accountable institution under FICA, as it is a
financial institution that provides financial services such as
banking, which requires it to comply with the reporting and
record-keeping obligations set out in FICA. This includes
performing customer due diligence, reporting suspicious
transactions, and keeping transaction records.
5.2 The Financial Intelligence Centre must monitor accountable
institutions’ compliance with FICA, but the Centre does not
fulfil a supervisory function. Schedule 2 to FICA lists specific
supervisory bodies. List three (3) of these supervisory bodies.
(3) (Your answer must not exceed 6 lines)
The Financial Intelligence Centre (FIC) monitors the overall
compliance of accountable institutions with FICA but does not
directly supervise them. Instead, the FIC relies on specific
