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Financial Intelligence Centre Act

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

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

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