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.

1052

Recommended for you

Property Blog Articles | Advice | Contractual Matters | Market News
Legislative Guidelines

Private companies and the restriction on transferability of shares

18558

A requirement of the previous Companies Act of 1973 was that a private company must restrict the ‘right to transfer’ its shares, by way of the company’s articles of association, however, more recent legislation (Companies Act 71 of 2008) revised this. Now, a Memorandum of Incorporation (MOI) of a private company must restrict the transferability of any company’s ‘securities’ which includes both instruments such as shares as well as debt instruments such as debentures.

Read More
Property Blog Articles | Advice | Contractual Matters | Market News
Legislative Guidelines

What does the new Airbnb law mean for Cape Town property owners?

20867

Cape Town has approved new legislation that will have a significant impact on how short-term and holiday rentals will operate in the city, enabling property owners to financially benefit from the tourism industry.

Read More
My name has changed - what happens to my property’s title deed?
Legislative Guidelines

Attorney Trust Accounts

22887

One of the fundamental components of being a legal practitioner is acting as a fiduciary of client funds which comes with a duty of care and significant responsibility.

Read More
Curatorship - what does it mean to be put under curatorship?
Legislative Guidelines

Is the deeds registries system ready for a change?

27143

The final step in the property transfer process is registration of the new title deeds in the Deeds Office. With the recent introduction of new legislation (the Electronic Deeds Registration System Act), we take a closer look at what this means for the registration process.

Read More
My name has changed - what happens to my property’s title deed?
Legislative Guidelines

Court ruling: attorney declared negligent in dealing with client funds

27446

In the recently decided 2019 case of Jurgens and another v Volschenk, the Eastern Cape Division of the High Court made it clear that the utmost care must be taken by attorneys when handling trust money or dealing with a client’s finances, and that failing to do so will have severe consequences.

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.

1052