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New FICA Rules - Changing The Way Estate Agents Have To Apply FICA Legislation

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New FICA Rules - Changing The Way Estate Agents Have To Apply FICA Legislation

Amendments to the Financial Intelligence Centre Act came into effect in October 2017. Estate agencies, as accountable institutions, were granted an extension until 1 April 2019 to become fully compliant.
 
The new requirements, in essence, obliges estate agents to move to a risk-based (rather than rules-based) approach when applying FICA. 
 
As a result, when an estate agent from the 1st of April 2019 deals with his or her clients, the estate agent is obliged to implement more extensive enquiries on order to comply with the obligation to "Know Your Client", as prescribed by the legislation. 
 
-         This may include enquiries regarding a client's source of funds or source of wealth
 
-         Where our client is a legal person, new requirements include that we must ascertain who the natural person is who in effect controls that entity
 
Should you have any questions, please contact us or your lawyer / conveyancer of choice.

Author Maryna Botha - STBB Attorneys
Published 03 Apr 2019 / Views -
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