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LML4807 EXAM PACK 2023
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WELL ELABORATE EXAM PACK QUESTIONS & ANSWERS
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LML4807EXAM
PACK
2023
WELL ELABORATE EXAM PACK
QUESTIONS & ANSWERS
, Page 2 of 7
CONFIDENTIAL LML4807
May/June 2020
QUESTION 3
In terms of the National Credit Act 34 of 2005 (as amended) certain parties must
register with the National Credit Regulator. Write a short memorandum in which you
address the following aspects concerning this registration obligation :
3.1 Registration of credit providers in the past (the position before the amendment
of the National Credit Act 34 of 2005). (1)
(Your answer must not exceed 2 lines)
3.2 Registration of credit providers under the National Credit Act 34 of 2005 (as
amended). (5)
(Your answer must not exceed half a page)
3.3 Grounds disqualifying natural persons from registering as a credit provider
under the National Credit Act 34 of 2005 (as amended). (4)
(Your answer must not exceed 5 lines)
3.4 The sanction when a credit agreement is concluded by a credit provider who is
required to be registered as a credit provider, but who is NOT registered as
such.
(4)
(Your answer must not exceed 5 lines)
3.5 Cancellation of the registration of credit providers. (6)
(Your answer must not exceed half a page)
3.6 Other parties that must also register with the National Credit Act 34 of 2005 (as
amended). (5)
(Your answer must not exceed half a page)
[25]
QUESTION 4
At present, electronic funds transfers (“EFTs”) are probably the most common type of
payment method used. Answer the following questions in relation to electronic fund
transfers:
4.1 Briefly explain what is meant by an electronic fund transfer (“EFT”). (5)
(Your answer must not exceed half a page)
, Page 3 of 7
CONFIDENTIAL LML4807
May/June 2020
4.2 The decision in Nedbank v Pestana 2002 (2) SA 189 (SCA) relates to the
reversal of an electronic funds transfer (“EFT”). Answer the following questions
with reference to this decision of the Supreme Court of Appeal:
(a) Briefly discuss this case by referring to the facts, the legal issues at hand
and the judgment of the court (not including a critical comment of the
decision). (10)
(Your answer must not exceed a page)
(b) Critically comment on the decision of the Supreme Court of Appeal. (5)
(Your answer must not exceed half a page)
[20]
SUB-TOTAL FOR SECTION A: 70 MARKS
, Page 4 of 7
CONFIDENTIAL LML4807
May/June 2020
SECTION B: ONLY SUPPLEMENTARY AND AEGROTAT STUDENTS
ANSWER THIS SECTION
QUESTION 5
You are the compliance officer for LML Bank Ltd (“LML”), 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 LML in terms of FICA.
5.1 Explain whether LML is an accountable institution or a reporting institution, as
intended under FICA. (2)
(Your answer must not exceed 4 lines)
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)
5.3 Provide the definitions for a “business relationship” and a “single transaction”,
included in section 1 of FICA. (3)
(Your answer must not exceed 6 lines)
5.4 As soon as a business relationship as defined in FICA is present, LML would
have to keep a record of specific information in terms of section 22 of FICA
concerning this business relationship. List the specific information LML should
keep a record of in terms of section 22. (3)
(Your answer must not exceed 6 lines)
5.5 List four (4) aspects that LML could include as part of its Risk Management
Compliance Programme (“RMCP”). Your answer should not include a definition
of a RMCP. (4)
(Your answer must not exceed half a page)
[15]
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