FICA

What is FICA?

Property Blog Articles | Advice | Contractual Matters | Market News

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.

575

Recommended for you

Legislative Guidelines

Is the deeds registries system ready for a change?

2920

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

Court ruling: attorney declared negligent in dealing with client funds

3064

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
Legislative Guidelines

The Electronic Deeds Registration Act

7387

The Electronic Deeds Registration System Act 2019 and the Property Practitioners Act of 2019 (repealing the Estate Agencies Affairs Act 112 of 1976) were signed into law by his Excellency the State President on 2 October 2019.

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

Money laundering and the Financial Intelligence Centre Act

8385

The sale of a property and the transfer of ownership along with the transfer of significant funds opens itself up to fraudulent activity which is why it is important to familiarise yourself with the risks surrounding money laundering and how the Financial Intelligence Centre Act aims to protect citizens.

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

Amendments to the Financial Intelligence Centre Act (FICA)

12322

FICA is the Financial Intelligence Centre Act, 2001 as amended by the FIC Amendment Act 1 of 2017 which amendments came into operation on 2 April 2018.

Read More

Need more Snymans content?

Sign up for our monthly newsletter.

FICA

What is FICA?

Property Blog Articles | Advice | Contractual Matters | Market News

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.

575