Why does an estate agent need my ID and Proof of Address? - FICA documents legally required for property transactions
Blog post about FICA and the property sector, South Africa! FICA, or the Financial Intelligence Centre Act, is a South African law that aims to combat financial crimes such as money laundering and terrorist financing. The act applies to a wide range of institutions, including banks, insurance companies, and estate agents. In the property sector, FICA plays an important role in ensuring that property transactions are conducted in a transparent and accountable manner. Estate agents, for example, are required to comply with FICA regulations in order to verify the identities of their clients and to conduct due diligence on any suspicious transactions. One of the key requirements of FICA is the Know Your Customer (KYC) process, which involves verifying the identity of a client and assessing the risk associated with any transaction. For estate agents, this means that they must collect and verify certain information from their clients, such as their name, address, and ID number. T