FICA

What is FICA?

The ins and outs of subject to bond approval clauses

The Financial Intelligence Centre Act aims to combat money laundering in particular by establishing a statutory body (Financial Intelligence Centre) and imposing a number of duties on certain institutions and professions (Accountable Institutions) such as attorneys, banks, public accountants, investment advisors and estate agents.
Certain of the duties imposed are:
– Proof of Identity
– Proof of Residential Address

Money laundering is a serious problem worldwide, involving vast sums of money.  It has been a statutory offence for just over ten years in South Africa, but not much is known about the phenomenon and even less about the methods employed in South Africa to launder ill-gotten gains.

Contravention of the Act constitutes an offence for which stiff penalties are imposed, ie.  15 years imprisonment and fines up to R100 million can be imposed on accountable institutions that fail to comply with their duties under the Act.

Recommended for you

Minors and immovable property
Legislative Guidelines

Caveats and Endorsements Noted Against a Property[post_view before=""]

Conveyancers are keen investigators, they are specialists in their field as they exercise knowledge and skill in all of the transactions. Although every transaction might be different, the principles remain the same.

Read More
Minors and immovable property
Legislative Guidelines

A Bird’s View on the Case of Werner and Werner V Paula Barnard N.O. And Others and the Battle of Vacant Possession[post_view before=""]

This article discusses the voetstoots clause. Be careful of what you litigate for and against whom, for you might not always get what you ask for. Do not act in the heat of the moment, without the proper consideration of all the facts. Do your homework and choose your attorneys carefully to apply their minds and the law. This case is a classic example of the consequences of the wrong legal advice and strategy.

Read More
Transfer and Bond Calculators
Legislative Guidelines

Is the Landlord’s Right to Rental Income Adequately Protected Under South African Law[post_view before=""]

Under South African Law, the rights of the landlord/lessor to receive rent from their tenants is adequately protected. If the landlord fulfils his duties according to the lease agreement, there is no reason why a tenant should not pay their rent.

Read More
Properties using borehole water must display a sign
Legislative Guidelines

Environmental Law: Water Rights & Water Pollution in South Africa[post_view before=""]

South Africa is a relatively water-scarce country. The regulation and implementation of water use is therefore very important.

Read More
Minors and immovable property
Legislative Guidelines

Legal rights of homeowners during the repossession process[post_view before=""]

November 2021, January 2022, September 2022, and November 2022 were pivotal months for many homeowners in South Africa who were forced to revaluate their financial positions with the interest rate increases.

Read More

Need more Snymans content?

Sign up for our monthly newsletter.

FICA

What is FICA?

The ins and outs of subject to bond approval clauses

The Financial Intelligence Centre Act aims to combat money laundering in particular by establishing a statutory body (Financial Intelligence Centre) and imposing a number of duties on certain institutions and professions (Accountable Institutions) such as attorneys, banks, public accountants, investment advisors and estate agents.
Certain of the duties imposed are:
– Proof of Identity
– Proof of Residential Address

Money laundering is a serious problem worldwide, involving vast sums of money.  It has been a statutory offence for just over ten years in South Africa, but not much is known about the phenomenon and even less about the methods employed in South Africa to launder ill-gotten gains.

Contravention of the Act constitutes an offence for which stiff penalties are imposed, ie.  15 years imprisonment and fines up to R100 million can be imposed on accountable institutions that fail to comply with their duties under the Act.