FICA requirements for real estate transactions

REMAX shares some insights into why real estate agents might ask for your personal details...

- PROPERTY WRITER

Although it’s common for institutions such as banks and mobile providers to request FICA documents, clients are sometimes surprised when asked for the same by their real estate agent.

However, there's no need for concern — in fact, it should raise a red flag if they don’t ask.

In South Africa, the Financial Intelligence Centre Act (FICA), 38 of 2001, mandates certain obligations for accountable institutions, including real estate agents, to help combat money laundering and the financing of terrorism.

Adrian Goslett, Regional Director and CEO of REMAX Southern Africa, says that requesting these documents is not only a legal requirement, “but also a sign that your agent is operating responsibly and in full compliance with the law.”