Financial Intelligence Centre Act 2001 (Act No. 38 OF 2001)

The act exists to prevent money laundering, fraud, tax evasion, financing of terrorism & other related criminal activity that aims to misuse our financial systems.  The Act requires certain accountable institutions such as Banks, Estate agents and Attorneys to validate and verify their client's identity before a business transaction can take place.

Estate Agents are Accountable Institutions in terms of FICA

BY LAW ESTATE AGENTS ARE REQUIRED TO:

  • Verify the Identity of any Buyer, Seller, Landlord or Tenant
  • Keep records of all transactions done
  • Report certain Information to FIC (Financial Intelligence Center)

ESTATE AGENTS ALSO HAVE THE RESPONSIBILITY TO:

  • Guard against crime and unlawful practices
  • Report alleged or attempted crimes and unlawful or unethical activities without protecting any party involved

THE Fica documents THAT ESTATE AGENTS require from THEIR clients:

INDIVIDUALS:

  • Completed authorization form (Landlords)
  • Application Form (Tenants)
  • Copy of ID or Passport & permit
  • Current proof of address (dated in the last 3 months)

COMPANIES:

  • Completed Authorization form (Landlords)
  • Application Form (Tenants)
  • Company Registration Documents
  • Resolution signed by all directors
  • Signatory ID & proof of address
  • Company proof of address

TRUSTS:

  • Completed Authorization form (Landlords)
  • Application Form (Tenants)
  • Trust Documents
  • Letter of Authority/Master of High Court
  • Resolution
  • Signatory ID & proof of address

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FINANCIAL INTELLIGENCE CENTRE ACT (ACT 38 OF 2001)

The act exists to prevent money laundering, fraud, tax evasion, financing of terrorism & other related criminal activity that aims to misuse our financial systems. 

Estate Agents are Accountable Institutions
in terms of FICA

BY LAW ESTATE AGENTS ARE REQUIRED TO:

  • Verify the identity of all clients
  • Keep records of all transactions 
  • Report certain Information to FIC (Financial Intelligence Centre)

ESTATE AGENTS ALSO HAVE THE RESPONSIBILITY TO:

  • Guard against crime and unlawful practices
  • Report alleged or attempted crimes and unlawful or unethical activities without protecting any party involved

THE Fica documents THAT ESTATE AGENTS require from THEIR clients:

INDIVIDUALS:

  • Completed authorization form (Landlords)
  • Application Form (Tenants)
  • Copy of ID or Passport & permit
  • Current proof of address (dated in the last 3 months)

FROM COMPANIES:

  • Completed Authorization form (Landlords)
  • Application Form (Tenants)
  • Company Registration Documents
  • Resolution signed by all directors
  • Signatory ID & proof of address
  • Company proof of address

TRUSTS:

  • Completed Authorization form (Landlords)
  • Application Form (Tenants)
  • Trust Documents
  • Letter of Authority/Master of High Court
  • Resolution
  • Signatory ID & proof of address

contact us for all your property needs

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