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FICA ' s Impact Since the establishment of the FIC and the onset of FICA , impressive strides have been made to combat money laundering and other financial crimes in South Africa . The FIC has assisted in many financial crime investigations , including bringing an estimated R12 billion Ponzi scheme to a halt , exposing an import / export ring , and exposing a case of theft and money laundering to the value of about R21 million . Based on these and other findings , it is clear that the processes and legislation enforced by the FIC do work and have a positive impact on working towards ending financial crime and protecting innocent businesses from unknowingly facilitating crimes .
The FICA requirements pertaining to verifying property clients apply across the board , from sellers and buyers to landlords and tenants . The property practitioner will request clients to provide them with proof of identity and proof of residence . Other documents that they can provide to assist in making sure their transactions proceed timeously are documents from SARS confirming their tax number and documents confirming their marriage status such as a marriage certificate if applicable .
Accountable Institutions that fail to comply with their FICA obligations may open themselves up to a range of consequences , including administrative sanctions , sizable fines , or even prison sentences .
Making FICA Simple and Seamless To ensure compliance , systems like DocFox ensure that your compliance process is hassle-free and automated . DocFox automatically assists with remote , digital , and automated document collection and analysis , configured risk rating , automated client reviews , and daily anti-money laundering watchlist screenings and adverse media screenings . This helps you determine your clients ' risk profile and identify possible ongoing threats .
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SA Real Estate Investor Magazine AUG / SEPT 2023 16