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FICA

FICA: What Every Principal Must Know

March 10, 20267 min read

The latest FICA amendments have significant implications for estate agencies. We break down the changes and what actions you need to take immediately.

Understanding FICA Amendments

The Financial Intelligence Centre Act (FICA) brings stricter requirements for estate agencies. Here's your comprehensive guide:

Key Changes

Enhanced Customer Due Diligence

  • More thorough verification of client identities
  • Additional scrutiny for high-risk clients
  • Enhanced record-keeping requirements

    • Beneficial Ownership

  • Must identify ultimate beneficial owners of entities
  • Cannot proceed without complete ownership information
  • Regular updates required when ownership changes

    • Risk Assessment

  • Mandatory documented risk assessments
  • Regular review and update cycles
  • Staff training on risk identification

    • Compliance Checklist

    1. Update your FICA policy to reflect new requirements 2. Train all staff on enhanced due diligence procedures 3. Review existing clients against new risk criteria 4. Implement proper record-keeping systems 5. Establish reporting procedures for suspicious transactions

    Penalties for Non-Compliance

    Non-compliance can result in:

  • Administrative penalties up to R50 million
  • Criminal prosecution
  • Loss of trading license
  • Reputational damage

    • Stay Compliant with Realty Comply

    Our platform helps you manage FICA compliance with automated workflows, document tracking, and risk assessment tools designed specifically for South African estate agencies.

    Ready to simplify your compliance?

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