Parliament's new AML bill would extend FICA record keeping from five years to seven

Parliament has introduced the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, B15-2026, ahead of South Africa's next FATF evaluation. Two changes matter most for estate agencies. First, the minimum period accountable institutions must keep client due diligence records would rise from five years to seven, measured from when a business relationship ends or a transaction concludes. Second, companies would need to report material mismatches between the beneficial ownership information they hold and what is recorded on CIPC's own beneficial ownership register, with CIPC able to deregister companies and fine them up to R10 million for repeated failures to keep that register current. The bill has not yet passed or come into force. It only takes effect once the President proclaims a commencement date, so nothing changes for your files today, but the direction is worth knowing before it does.