FIC Act 38 of 2001General Laws (AML/CTF) Amendment Bill B15-2026FATF RecommendationsNational Treasury & ParliamentPOPIA
FIC Act 38 of 2001General Laws (AML/CTF) Amendment Bill B15-2026FATF RecommendationsNational Treasury & ParliamentPOPIA
All terms Glossary

Accountable Institution

A business FICA designates as needing to conduct client due diligence and report suspicious activity. Includes estate agencies, attorneys, banks, and others listed in FICA’s schedules.

FICA doesn’t apply to every business: it names specific categories in Schedule 1, and estate agencies have been on that list since the Act’s original 2001 schedule. Being an accountable institution means three obligations kick in automatically: verifying who you’re dealing with before facilitating a transaction, keeping records of that verification for a minimum period, and reporting anything that looks like money laundering or terror financing to the FIC.

For estate agencies specifically, the PPRA has tied FFC renewal to demonstrable FICA compliance, so “accountable institution” status isn’t just a legal label, it’s the thing your Fidelity Fund Certificate now depends on being able to prove.

See it in practice, not just in theory.

Read how Lucere handles this on features, check the FAQ for common questions, or get started.

Related terms

FICA (Financial Intelligence Centre Act)The South African law requiring accountable institutions to verify clients, keep records, and report suspicious activity, in order to combat money laundering and terror financing.
FIC (Financial Intelligence Centre)The South African body that receives suspicious transaction reports and supervises accountable institutions’ compliance with FICA.
FFC (Fidelity Fund Certificate)The certificate the PPRA issues that a property practitioner must hold to trade legally, now conditioned on demonstrable FICA compliance.

Browse the rest of the glossary

AML (Anti-Money Laundering) Beneficial Owner (BO) CDD (Client Due Diligence) CIPC KYC (Know Your Customer) PEP (Politically Exposed Person) PPRA RMCP (Risk Management and Compliance Programme) Sanctions Screening Source of Funds STR (Suspicious Transaction Report)