100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
LML4807 ASSIGNMENT 02 2024 SEMESTER 02 $3.87   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. LML4807 (LML4807)

Exam (elaborations)

LML4807 ASSIGNMENT 02 2024 SEMESTER 02

 29 views  1 purchase
  • Course
  • LML4807 (LML4807)
  • Institution
  • University Of South Africa (Unisa)

Carefully read the factual scenario below and answer the questions that follow with reference to the Financial Intelligence Centre Act 38 of 2001 (FICA). Marcus is a newly employed teller at the Money Galore Bank in South Africa. One day he is approached by a gentleman who identifies himself a...

[Show more]

Preview 1 out of 3  pages

Document information

  • September 1, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • lml4807

Written for

  • University of South Africa (Unisa)
  • LML4807 (LML4807)
All documents for this subject (18)

Seller

avatar-seller
LETSCRACKTHEQUESTION

Reviews received

Content preview

LML4807 – BANKING LAW AND USAGE

SEMESTER 2 (2024)

ASSIGNMENT 02 (10 MARKS)




Carefully read the factual scenario below and answer the questions that follow with
Reference to the Financial Intelligence Centre Act 38 of 2001 (FICA).

Marcus is a newly employed teller at the Money Galore Bank in South Africa. One
Day he is approached by a gentleman who identifies himself as Mr. Soobramoney.
Although Marcus is not sure who the person is, he looks similar to someone that he
Has recently seen on TV. Mr. Soobramoney advises Marcus that he is a frequent
Visitor to South Africa and that he has a diplomatic relation with the government of
South Africa. He presents Marcus with an Indian passport. Upon opening the
Passport, Marcus establishes the famous name Rakish Soobramoney, the newly
Elected president of India. President Soobramoney asks Marcus to open a bank
Account for him.

1. In addition to the ordinary identification steps that Marcus is required to take
Before opening such account, what additional steps must Marcus take in order
To open an account in the name of President Soobramoney in terms of FICA?


2. Marcus generally knows that FICA requires the bank to keep records relating to
The identification and verification steps taken in 1 above. What type of
Information must the bank keep records of in relation to the business relationship
With President Soobramoney? (4)


3. Marcus, without seeking advice from his line manager, calls DocSave (Pty) Ltd

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 LETSCRACKTHEQUESTION. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.87. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78600 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$3.87  1x  sold
  • (0)
  Add to cart