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29 August 2008
This agreement is the result of a number of meetings between Members of the LSSA's Property Law and Financial Intelligence Centre Committees with the Banking Association. the LSSA does not consider it to be undesirable, unlawful or in contravention of the rules of ethics applicable to the profession for an attorney to raise a fee in respect of the work done to comply with their obligations as an accountable institution in terms of FICA, provided attorneys are properly mandated by the client banks to charge the fee. Attorneys are accordingly urged to peruse their mandates from the banks to - confirm that their mandates.
Attorneys must be aware that the fees charged by them for performing KYC (whether as accountable institution or as agent on behalf of a bank) should, under all circumstances, be reasonable.
It would, for example, be regarded as overreaching to charge the same mortgagor/client a FICA fee in respect of such client's mortgage bond registration and transfer of property, as it is unnecessary to obtain the same set of documents twice.
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