We have all heard about “FICA” if it is to open a new bank account or buying or selling a property, we are all reminded about “FICA” all the time, but what does “FICA” mean, and what does it stand for?
Financial Intelligence Centre Act 38 of 2001 The act (“FICA”) was established in 2001 by the South African government and the main aim is to assist in the recognition of the profits of unlawful activities, prevent money laundering, and fight the funding of terrorist and related activities.
Are you FICA compliant? For you to enjoy the protection that comes with FICA, it is important to ensure that you are FICA compliant. This simply means that you must submit the documents as listed below to your nearest bank branch. You should also make sure to inform the bank of any information that have changed.
Documents needed to be FICA compliant are as follows:
- Valid South African Identity Document
- Passport for foreign residence
- To verify your residential address the following will suffice, provided the documents is not older than 3 months.
- Utility bill that contains your name and address (PO BOX) is not acceptable) Bank Statement.
Municipal Rates Account
Lease Agreement
While there may be many abbreviations you need to know, FICA is one of the crucial ones.