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IMPORTANT NOTIFICATION FIDELITY FUND CERTIFICATE RENEWALS FOR 2010 As part of the Estate Agency Affairs Board statutory mandate and legislation, it is the requirement of all estate agents and principals wishing to operate within the property industry to be in possession of a valid Fidelity Fund Certificate (FFC). The validity of a FFC is 01 January of a year to 31 December of the same year and estate agents and principals are therefore required to renew by no later than 31 October of each year to obtain a FFC for the following year. PLEASE NOTE: BANKING DETAILS: Branch: Protea Park Branch Code: 535105 A/C Name: Estate Agency Affairs Board RENEWAL FEES LATE RENEWAL PENALTY FEES Interns / Full Status: R150.00 |
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The Estate Agency Affairs Board recently conducted Anti-Money Laundering Presentations in four of our major cities around the country which were presented by KPMG. For South Africa to develop economically and remain a responsible global citizen, it is essential that the integrity and stability of its financial system be protected. The fight against crime, money laundering, and terrorist financing forms the front line of this battle. Estate agents are intimately involved in ensuring compliance with the Financial Intelligence Centre Act (FICA). The Estate Agency Affairs Board also used the opportunity for stakeholders to address any concerns, and presented an update on the Education Requirements that came into effect on 15 July 2008. |
THE FINANCIAL INTELLIGENCE CENTRE ACT, 38 OF 2001 SPECIMEN INTERNAL RULES FOR ESTATE AGENCY FIRMS “Estate agency firms are reminded that they are required by the provisions of the Financial Intelligence Centre Act (FICA) to appoint a compliance officer and to formulate, and implement, internal rules to ensure that they, all estate agents in their service and their employees comply fully with applicable FICA requirements. Estate agents are reminded that the internal rules must be in writing and a copy of the rules must be made available to each employee involved in the performance of clients’ mandates which would necessarily include all salespersons and letting agents in the service of the estate agency firm, employees involved in keeping the firm’s trust account(s) and any other employee of the firm who is involved in estate agency transactions. A copy of the internal rules must, on request, also be made available to the Financial Intelligence Centre and to the EAAB. A specimen of the required internal rules is, accordingly, published for the use of estate agents and to ensure compliance with FICA. Should there be any queries regarding the specimen internal rules estate agency firms and estate agents are requested to contact their own legal and/or accounting practitioners for further advice and for the purpose of adapting the specimen internal rules to their own particular requirements and estate agency undertakings. uploads/files/FIC SPECIMEN INTERNAL RULES FORM(3).pdf It will be noted from the Specimen Internal Rules that have been provided by the EAAB that estate agents are required to make use of certain designated forms for the purpose of establishing and verifying the identity of clients. The EAAB believes, therefore, that it is imperative that estate agents should be provided with the relevant forms to be used for this purpose. The following forms are, accordingly, published for use by estate agents when complying with their FICA obligations, namely: Form A: Establish and verify the identities of natural persons who are South African citizens or residents of South Africa Form B: Establish and verify the identities of natural persons who are citizens or residents of a country other than South Africa Form C: Establish and verify the identity of a close corporation Form D: Establish and verify the identity of a South African company Form E: Establish and verify the identity of a partnership |
