URGENT NOTICE: RENEWAL OF FIDELITY FUND CERTIFICATES FOR 2018

Estate agents and estate agency firms holding 2017 Fidelity Fund Certificates (FFC’s) are reminded that such FFC’s must be renewed for the 2018 calendar year by no later 31 October 2017. Estate agents are urged to ensure that applicable renewal payments are made on or before 31 October 2017 since, even if the renewal process … Read moreURGENT NOTICE: RENEWAL OF FIDELITY FUND CERTIFICATES FOR 2018

REBOSA: FIC RMCP Template and Memorandum

Attention: Principals / Business Owners

We have received numerous enquiries in respect of the new guidelines from the FIC and many agents are concerned about the implementation dates and deadlines etc.

We have spent considerable time and money to consult with our attorney’s, Cliffe Dekker Hofmeyr and below you will find an executive summary as well as a pro forma Risk Management and Compliance Programme (“RMCP”) for your attention.  This is for your use and you can insert your agency’s name where applicable.

However, there is no final implementation date as yet.

It is the responsibility of the EAAB and, failing them, the FIC to set a date for the implementation of these new guidelines and until that happens you are under no obligation. It obviously serves a purpose to study the documents and get your systems in place so that you can implement same.

One of the rumours we have to address regularly is when and in respect of whom Customer Due Diligence (CDD) (or previously Know Your Client – KYC) must be done.  Client identification and verification only needs to happen before the receipt of value (money).  Therefore, CDD is not relevant and does not need to occur when taking a mandate or taking a buyer to a property. See paragraph 4.10 of the Executive Summary.

I would like to reiterate that it will serve you well to study the document in detail and familiarise yourself with the acronyms, as it will assist you going forward and will put your mind at ease.  It seems daunting but it is not.

We are planning a series of member meetings to supply training and further information once we manage to obtain a response from the EAAB as far as implementation is concerned.

Please also visit our website, where we have published documentation, organograms and step by step guides from the FIC.

Memorandum to REBOSA re – FICA amendments – 20171019

Template RMCP – 20171019

 

Financial Intelligence Centre Amendments in Terms of FIC Act 1 of 2017

Following the Financial Intelligence Centre’s Road Show for accountable and reporting institutions in Cape Town on 24 October, please find below brochures on compliance obligations in terms of the Act and how to register and update details with the FIC.

Compliance Supervision and Enforcement in Terms of the FIC ACT

How to Register and Update Details with the FIC

Suspicious and Unusual Transaction Reporting

The Financial Intelligence Centre and the FIC Act

Accountable Institutions Compliance Obligations in Terms of the FIC Act

 

RENEWAL OF FIDELITY FUND CERTIFICATES AND REGISTRATION CERTIFICATES

All renewals shall be performed on the MyEAAB Agents Portal accessible through the EAAB website through the link https://www.eaab.org.za/myffc.

Every estate agent must apply for a fidelity fund certificate or registration certificate for the succeeding year not later than 31 October of every year. Renewal payment received after 31 October will attract monthly penalties of R450 per month and per person for firms, branches, principals and non-executive principals and R240 per month and per person for interns, full status agents and attorney employees.  

Read moreRENEWAL OF FIDELITY FUND CERTIFICATES AND REGISTRATION CERTIFICATES

“Property Professional asked Rebosa what three things agents should know about right now.”

Rebosa have their ear to the ground when it comes to what’s going on in the real estate industry. Their primary goal is to look after real estate business owners’ best interests, and their behind-the-scenes work often benefits the whole industry.  

Read more“Property Professional asked Rebosa what three things agents should know about right now.”

Dear Jan, I’d like to take this opportunity to thank Rebosa and specifically, Fiona, for her tireless assistance in the registration of Nox Property with the EAAB. I know you have been dealing with some very challenging trading circumstances with the EAAB and Fiona has always had a “can do” attitude and nothing has seemed … Read more