AN ESTATE AGENT’S CLIENT FOR THE PURPOSES OF FICA
Keywords:Financial Intelligence Centre Act, combat money laundering, accountable institutions
The Financial Intelligence Centre Act 38 of 2001 (“FICA”) forms an integral part of the government’s strategy to combat money laundering. It establishes a statutory body called the Financial Intelligence Centre (“FIC”) and imposes a number of duties on certain institutions and persons (referred to in the Act as “accountable institutions”). Nineteen of these accountable institutions are listed in Schedule I to the Act, including attorneys, banks, public accountants, investment advisors, long-term insurers and estate agents.
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