Buying a home is one of the biggest financial decisions you’ll ever make. As you start your property journey, you might be surprised at how many personal details your estate agent asks for – your ID, proof of address, banking info, and even the source of your income. It can feel like a lot. But there’s a good reason behind it all.

South African estate agents are legally required to request this information to comply with the Financial Intelligence Centre Act (FICA) – a law designed to keep your property transaction safe, legal, and secure.

“FICA compliance isn’t just a legal formality,” says MJ Dafel, CEO of Property.CoZa South Africa. “It’s an essential step that protects buyers from fraud, safeguards their investments, and upholds the integrity of the property market.”

What Is FICA and Why Should You Care?

FICA was introduced to prevent money laundering and financial crime in South Africa. With property transactions being a common target for illicit activity, FICA helps ensure that both buyers and sellers are exactly who they claim to be, and that the funds used in transactions are legitimate.

Since South Africa was grey listed in 2023 by the Financial Action Task Force (FATF), these measures have become even more important. The more compliant our industry becomes, the faster we can restore trust on a global scale and get off that list.

Estate agents, like banks and attorneys, are designated as “accountable institutions,” which means they’re legally bound to know their clients—known as KYC (Know Your Client). This helps prevent crime and protects legitimate buyers and sellers from being caught in unlawful dealings.

What Documents Will You Be Asked For?

To meet FICA requirements, your estate agent will ask for:

• A certified copy of your South African ID or valid passport
• Recent proof of address (such as a utility bill)
• Source of funds (like bank statements or payslips)
• Tax number (proof of SARS registration)
• Banking account confirmation

If you’re self-employed or have a more complex financial profile, additional documentation might be needed. Having these documents ready from the outset helps speed up the process and keeps things stress-free.

Why Estate Agents Prioritise Your Privacy

It’s natural to be cautious about sharing personal and financial information. The good news is, this data is handled with the utmost care. Estate agents are bound by confidentiality and are only permitted to share your documents with authorised parties such as financial institutions and legal professionals involved in your transaction.

“At Property.CoZa, protecting our clients’ privacy is non-negotiable,” says MJ Dafel. “We follow strict compliance protocols to ensure that all personal data is handled safely and with respect.”

What Happens If You Don’t Comply?

If you can’t—or won’t—provide the required documents, your property transaction could be delayed or even cancelled. Estate agents cannot legally proceed without this information. It’s not red tape—it’s a legal obligation that protects all parties.

Failing to comply puts agents at risk of fines, legal consequences, and reputational damage. And for you, it means missing out on your dream home or delaying the entire process unnecessarily.

How to Make It Easier for Yourself

Here are a few simple tips to keep your transaction moving:

• Prepare all documents in advance
• Keep certified copies of key documents updated and accessible
• Ask your estate agent for a checklist if you’re unsure what’s needed
• Be honest and transparent about your financial situation

By staying proactive and organised, you’ll help create a smoother, faster, and safer transaction for everyone involved.

Why This Process Benefits You

Even though the paperwork might feel tedious, it’s ultimately there to protect your interests. FICA compliance:

• Helps prevent scams and fraudulent deals
• Ensures a fair and stable property market
• Speeds up the transfer process when all documents are in order

Knowing that every buyer and seller is verified gives you peace of mind, and confidence in your investment.

Buying a home should feel exciting, not overwhelming.

At Property.CoZa, we’re committed to walking this journey with you. From the very first viewing to the final signature, we’re here to make the process professional, transparent, and safe.

Start your property search today and let us guide you home.

Visit www.propertycoza.com to find your dream property or connect with a trusted estate agent near you.