Personal details and FICA requirements

Question: Why is it necessary to share all my personal details such as my identity number, proof of residence and relationship status with an estate agent?

Answer: Oni Mdumela, Partner Principal of Property to Link, says:

We have a responsibility as Property Professionals to properly identify every client we conduct business with, whether it is a seller, buyer, landlord or lessee.

If one of our agents suspects that a client is using Property to Link as part of a money laundering scheme, are using illicit funds or are involved in any other illegal misconduct, we have a duty to report it to the Financial Intelligence Centre (FIC).

Therefore, it is important to be vigilant and follow strict protocols in an attempt to prevent any type of financial misconduct.

Failure to comply, can result in hefty penalties (up to R50 million Rand) for both the firm as well as the Property Professional.

Refusal to cooperate can even lead to prison time.

It is thus crucial that we are compliant with the Financial Intelligence Centre Act's (FICA) procedures and that all documentation must be kept on record (archived) for at least five years.