At R&R Real Estate, we understand that property transactions can feel overwhelming—especially when you’re asked to submit your FICA documents multiple times. Estate agents, conveyancers, mortgage originators, and banks all require copies of your ID and proof of address at different stages of the process. While this may seem excessive, there’s a very important reason behind it.
The Purpose of FICA in Property Transactions
The Financial Intelligence Centre Act (FICA) exists to combat money laundering, terrorist financing, and other financial crimes. Since property transactions involve large sums of money, they are a prime target for illegal activity. That’s why estate agents, attorneys, and financial institutions are classified as accountable institutions—they are legally required to:
✅ Verify the identity of clients
✅ Assess the risk of financial crime
✅ Cross-check details against international watchlists
✅ Report any suspicious transactions to the Financial Intelligence Centre (FIC)
Why Do Different Institutions Ask for the Same Documents?
Each accountable institution must have its own risk-based compliance strategy. This means that estate agents, conveyancers, and financial institutions cannot rely on another institution’s verification process—they must conduct their own checks. While this may seem repetitive, it’s a legal requirement designed to protect all parties involved in the transaction.
What Happens If Institutions Don’t Comply?
Failure to follow FICA regulations can lead to serious penalties, including heavy fines and even criminal charges. Regulatory bodies are enforcing these rules more strictly than ever, making compliance non-negotiable for all accountable institutions.
FICA Is Here to Protect You
At R&R Real Estate, we know that paperwork can feel like a hassle, but these regulations are in place to safeguard buyers, sellers, and the integrity of the property market. By ensuring compliance, we help create a secure and transparent environment for your real estate transactions.
If you have any questions about FICA compliance or need assistance with your property journey, our team at R&R Real Estate is here to help.