Financial Intelligence Centre
Priority as the Supervisory Body in terms of FICA
As a supervisory body in terms of FICA, the Estate Agemcy Affairs Board (EAAB) is empowered to act in the enforcement of the provisions of the act. This will be achieved through carrying out regular physical inspections.
The Estate Agency Affairs Board (EAAB), as the Supervisory Body of the estate agency sector, plays a key role in overseeing the implementation of the FIC Act within the sector. It is self-evident that the implementation, compliance and enforcement of the FIC Act, including customer due diligence and the application of the risk-based approach,...
The President assented to the Financial Intelligence Centre Amendment Act, 2017 (“the Act”), on 26 April 2017. Certain sections of the Act came into operation on 13 June and also on 2 October 2017 while other sections of the Act will come into operation on a date still to be announced.
Thursday, 15 June 2017: The Minister of Finance has announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act). According to this announcement the implementation of the provisions of the FIC Amendment Act that provide for the following, will start on 2...
Registration on the registration and reporting platform of the FIC presentation slides below
26 AUGUST 2016 ISSUE PAPER ON GUIDANCE REQUIRED TO IMPLEMENT THE FINANCIAL INTELLIGENCE CENTRE AMENDMENT ACT, 2016 Purpose of the Issue Paper 1. The Issue Paper is intended to elicit comments on aspects where accountable institutions will require guidance when the amendments to the Financial Intelligence Centre Act, 2001 (the FIC Act), to be...
Wednesday, 17 August 2016: The Financial Intelligence Centre (the FIC) in consultation with National Treasury, South African Reserve Bank and the Financial Services Board has published an Issue Paper on guidance required to implement the FIC Amendment Bill, 2016, on the FIC’s website today. Click here to read the Issue Paper.
Estate agencies that were registered with the FIC on the previous system need to update their details on the new registration and reporting platform.
If you have not previously registered with the FIC please follow the steps below to register successfully with the FIC:
Directive 04/2016: Accountable and reporting institutions required to update registration related information to access the Financial Intelligence Centre’s new registration and reporting platform Friday 04 March 2016: The Financial Intelligence Centre (FIC) is preparing to launch its new registration and reporting system, called goAML, to...
ARRANGEMENTS OUTLINED FOR ACCOUNTABLE AND REPORTING INSTITUTIONS NOT REGISTERED WITH FIC AS AT 7 March 2016, IN LATEST PUBLIC COMPLIANCE COMMUNICATION The Financial Intelligence Centre (FIC) has issued Public Compliance Communication No 34, (click here to access PCC 34), which allows accountable and reporting institutions not registered as at 7...
As estate agents are aware they are 'accountable instituitions' for the purposes of the FIC Act.
The obligation on accountable and reporting instituitions, to register with the Financial Intelligence Centre, became operational on Wednesday, 01 December 2010
As accountable institutions estate agents are required to register with the Centre.
In 2009 the Estate Agency Affairs Board conducted Anti-Money Laundering Presentations in four of our major cities around the country which were presented by KPMG.