FICA

Financial Intelligence Centre Act No. 38 of 2001

Full Legislation
 
The government is taking a strong stance against illegal money laundering activities as well as tax evasion and contravention of exchange control regulations.

With effect from 30 June 2003, all estate agents (as well as attorneys, banks, insurance brokers, investment advisers and certain other organisations) must comply with certain obligations imposed on them by the Financial Intelligence Centre Act No. 38 of 2001 ("FICA").

FICA obliges the estate agent to:

1.      report "suspicious and unusual transactions" to the Financial Intelligence Centre, although we are not obliged to disclose information which can properly be described as legally privileged;

2.      adopt so-called "know your client" measures in respect of both new and existing clients, which include:
establishing and verifying the identity of our clients;
keeping records of client details and transactions;   implementing internal rules consistent with our obligations under FICA;
providing training to our staff; and appointing a compliance officer. The effect of FICA is that we will need to request certain additional information and documentation from you. Whilst we understand that this may not always be convenient to you, we ask that you assist us in complying with our obligations which we fully intend to meet.

In circumstances where a client fails, upon request, to supply the necessary information and supporting documentation, the service providers may refuse to complete a particular transaction until such information and documentation is made available.