FICA

In 2001, the South African government introduced the Financial Intelligence Centre Act (“FICA”) and other applicable Anti Money Laundering and Countering of the Financing of Terrorism legislation to combat money laundering and the financing of terrorism.

FICA contains a number of control measures aimed at facilitating the detection and investigation of money laundering and terrorist financing and imposes specific responsibilities on accountable institutions that relate to commencing a business relationship with a client as well as during the lifecycle of the business relationship. This includes, inter alia, the requirement to “Know Your Client” (KYC) by establishing and verifying the identity of all clients prior to establishing a business relationship or concluding a transaction.

In addition, information should be updated on a regular basis to ensure client information remains accurate and up-to-date as well as to align to any changes in legislative and/or global industry standards.

Please note that all documentation provided must be either:

  • An original, or
  • A copy of the original document sighted by a MMI employee, or
  • A copy of the original document certified by an independent Commissioner of Oaths (Note: Certification must contain the full name, title and signature of the Commissioner of Oaths and wording should stipulate "Certified a true copy of". Where the document being commissioned is more than one page, the stamp/full commission must appear on either the front or back page and the Commissioner must initial every page of the document in between)

If you have any queries on any of these requirements or are unable to provide the requisite documents, please contact us for assistance.

Checklist for FICA:

  • FICA Compliance
  • Individual FICA Compliance
  • RSA Company FICA Compliance
  • Trusts FICA Compliance
  • Joint Ventures FICA Compliance
  • Body Corporates FICA Compliance
  • Partnerships FICA Compliance
  • Non Profit Organisations FICA Compliance
  • Estates FICA Compliance
  • Foreign Companies FICA Compliance
  • Closed Corporations FICA Compliance

Documents acceptable as Proof of Residence:

  • Passport and proof of the loss or theft of ID or a driver’s license;
  • Issuing
  • SARS issued e-Tax and VAT registration number