Internal Publication: Conveyancing – Financial Intelligence Centre Act No 38 of 2001(FICA)

The Financial Intelligence Centre Act (“FICA”) is anti-money laundering legislation that was introduced inSouth Africain 2003.  In practical terms this law aims to stop money laundering and to identify and prosecute all those involved in such activities.

In terms of FICA, a firm of Attorneys is an accountable institution which is required to verify the identity of every Seller on whose behalf a property transfer is registered, as well as every Purchaser on whose behalf funds are invested.  Attorneys are also required to identify and obtain documentation in respect of every mortgagor for whom they register a mortgage bond.

In order to comply with the above Attorneys require certified copies of the following documentation:

From Individuals

  •  Certified copy of Identity Document
  • Proof of income tax number (dated within the last twelve months)
  • Proof of banking details (dated within the last three months)
  • Proof of residence (dated within the last two months)
  • Marriage Certificate and Ante Nuptial contract if applicable
  • Divorce Order and Settlement Agreement if applicable

From Companies

  • Certified copy of Memorandum and Articles of Association
  • Certified copy of Certificate of Incorporation (with Registrar of Companies Stamp)
  • Any document reflecting the trade name of the Company
  • Proof of Registered Address and Physical business address (dated within the last two months)
  • Proof of Income Tax number and VAT number
  • Individual FICA (as above) for all Directors and any Sureties

From Close Corporations

  • Certified copy of CK documents / Certificate of Incorporation / Founding Statement
  • Any document reflecting the trade name of the Close Corporation
  • Proof of Registered Address and Physical business address (dated within the last two months)
  • Proof of Income Tax number and VAT number
  • Individual FICA (as above) for all Members and any Sureties

From Trusts

  • Certified copy of Trust Deed
  • Certified copy of Letters of Authority issued by the Master of the High Court
  • Certified copy of Trustees resolution
  • Proof of Income Tax number and VAT number
  • Individual FICA (as above) for all trustees, beneficiaries and any Sureties