Other
Banking Law and Usage Assignment 2
- Course
- Institution
This thoroughly crafted assignment offers a comprehensive overview of Banking Law and Usage. An astounding pass is guaranteed.
[Show more]
Seller
Follow
mosianemk34
Content preview
MODULE: LML4807ASSIGNMENT 2
1. In line with the provisions of section 21F of the Financial Intelligence Centre
Act 38 of 2001, an accountable institution is required to obtain senior
management approval when establishing a business relationship with a
foreign prominent official. The accountable institution must also take
reasonable measures to establish the source of wealth and source of funds of
the client and conduct an enhanced ongoing monitoring of the business
relationship.1 The measures mentioned in the previous sentences are to be
taken by Marcus when opening an account in the name of President
Soobramoney.
2. The information kept on record by the accountable institution must be
information that relates to the nature of the business relationship, the
objective of the business relationship and the source of funds which the client
intends to use to conclude transactions in the course of the business
relationship.2
3. According to section 24(1) of FICA, the duty to keep records as required by
sections 22 and 22A, may be done by a third party on behalf of the
accountable institution as long as the accountable institution is afforded free
and easy access to the records and the records are always available to the
centre and the supervisory bodies are responsible for such a function.3
1
Financial Intelligence Centre Act 38 of 2001.(hereinafter ‘FICA Act of 2001’)
2
Shulze WG, Banking Law and Usage: Only Study Guide for LML4807 (University of South
Africa)(2019)
3
FICA Act of 2001
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mosianemk34. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now