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