Understanding FICA

The Financial Intelligence Centre Act (FICA) is legislation aimed at combating money laundering and the financing of terrorism. It requires all parties involved in the property transaction to be properly identified and verified.

To comply with FICA, the following documents must be collected from the Seller and the Purchaser.

• Certified copy of ID or Passport
• Proof of residential address (not older than 3 months)
• Income tax number
• Contact details
• For Companies, Close Corporations or Trusts: relevant registration documents which will be specified according to the legal entity.

FICA compliance is essential for the property transfer to proceed smoothly.