LEGAL
As with many laws , most people don ’ t take them seriously until an inspector comes knocking on your door . However , the difference with the FIC Amendment Act ( FICAA ) is that it was created not only to prevent financial crime , but following the guidance set out within the Act could also help protect your reputation , enhance your client onboarding , reduce your risk and ultimately improve the type of clients you attract .
What is FICA ?
The act is aimed at combating financial crimes such as money laundering , tax evasion and terrorist financing . The Financial Intelligence Act ( FICA ) came into effect in July 2003 along with the establishment of the Financial Intelligence Centre ( FIC ) who are essentially responsible for overseeing compliance with the Act .
According to the FIC Act , it is the responsibility of every
Accountable Institution to identify and verify your clients and ensure that their information is correct and up to date .
Since its introduction in 2003 , FICA has been amended and has become known as the Financial Intelligence Centre Amendment Act 1 of 2017 ( FICAA ). The Amendment Act brings South Africa closer to international antimoney laundering standards and the best practices recommended by the Financial Action Task Force ( FATF ). During the State of the nation 2021 address , in an attempt to further enhance the country ' s fight against corruption and financial crime , President Cyril Ramaphosa went further and announced the formation of the National Anti-Corruption Advisory Council , you can read more about this here .
Why FICA is important ?
As per the Financial Intelligence Centre Amendment Act 1 of 2017 ( FICAA ) Estate Agents are included
150 OCT 2022 SA Real Estate Investor Magazine