FICA & PROPERTY: WHAT YOU NEED TO KNOW

While paperwork may not be the most glamorous part of a property transaction, providing your FICA documents is an essential step. When your Wakefields agent requests these documents, rest assured, it's not just a formality. It's a legal requirement designed to safeguard your transaction and protect your interests throughout the process.

What is FICA, and Why Is It Important?

The Financial Intelligence Centre Act (FICA) is South Africa's way of fighting financial crimes like money laundering, fraud, and terrorism funding. And property transactions are part of the process, because they often involve large sums of money.

That means all estate agencies are legally required to collect, verify, and safely store documents proving who our clients are and where they live.

If your agent doesn't ask for these...that's the red flag.

What We Need From You

We understand that administrative requirements can feel overwhelming, which is why we aim to keep the process straightforward. To proceed with your sale, purchase, or rental, we'll need the following documentation from you:

If you're an individual:

• Valid South African ID (or a passport, if you're not a citizen)
• Proof of residential address (not older than 3 months)
• Tax number (if applicable)

If you're a company, trust or legal entity:

• CIPC registration or founding documents
• Proof of business address
• IDs for all directors, members or trustees
• Proof of address for any beneficial owners
• A signed resolution confirming who can act on the entity's behalf

Why All the Detail?

It's not just red tape. Under FICA, we have to:

• Understand who we're doing business with
• Assess any potential risk
• Record key information for five years after the relationship ends
• Take extra steps if the transaction involves anything high-risk (like offshore buyers or large cash deals)

This process is known as a Risk-Based Approach, and it's designed to keep our clients safer.

We Take Your Privacy Seriously

We get it: handing over sensitive documents is personal. That's why we also comply with POPIA (the Protection of Personal Information Act) to make sure your documents are handled with care, kept secure, and never misused.

FICA isn't here to frustrate you, it's here to protect you. And at Wakefields, we take that seriously. So, when your agent asks you to FICA, know that it's one of the best signs you're dealing with a professional who plays by the rules, puts your interests first, and treats every transaction with integrity.

Need help with your FICA documents? Not sure if your water bill counts as proof of address? Why not chat to a Wakefields agent - we are here to help.