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fica & compliance -

VICTORY AWAITS HIM, WHO HAS EVERYTHING IN ORDER

What is FICA?

The Financial Intelligence Centre Act 38 of 2001 was introduced to South Africa to reduce and fight financial crimes such as money laundering, tax evasion, and terrorist financing activities.
As an accountable / financial institution we are obliged to comply with the Financial Intelligence Centre Act (FICA).
This means that we must maintain and verify client information in line with the internal rules, procedures and forms that are compliant with FICA and the regulations.
What do you need to apply?
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South African Applicant:
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Lower account limits:
  • Valid Green Bar-Coded ID or Smart Card
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Higher account limits:
  • Valid Green Bar-Coded ID or Smart Card
  • Proof of Income (not older than 3 months)
  • Proof of Residence (not older than 3 months)
.
Foreign Applicant:
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Lower account limits:
  • Valid Green Bar-Coded ID or Smart Card
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Higher account limits:
  • OPTION ONE: Valid Original Asylum seeker/Refugee Section 24 Permit
  • OPTION TWO: Valid Original Passport and a Valid Original work, study or residential permit
  • Proof of Income (not older than 3 months)
  • Proof of Residence (not older than 3 months)

Why FICA?

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Non-compliant customers face frozen accounts.

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Compliance with FICA is an ongoing process. Update your personal details every time you:

  • change your contact number

  • move to a new address

  • move to a new job

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Accurate information on customers enable institutions to provide financial services responsibly and securely

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This also applies to your business, trust, club or association accounts, if you are unsure of what needs to be submitted or updated please contact us at 0861 11 77 14 so that we can assist you.

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For more information visit www.fic.gov.za or download the full act here

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