WHY DO I HAVE TO PROVIDE FICA DOCUMENTS TO SOME BUSINESSES?
The purpose of FICA (the Financial Intelligence Centre Act) is to combat money laundering and the financing of terrorist and related activities by imposing duties on certain institutions which might be used to launder money. These duties often entail obtaining FICA documents from customers. FICA documents serve the purpose of verifying the identity and address of the customer. FICA requirements may differ with different types of transactions.
WHICH DOCUMENTS CAN I USE TO PROVE MY IDENTITY?
South African Identity Document or Smart Card;
South African Passport;
Valid Foreign Passport;
Asylum Seeker Certificate;
Refugee Identity Document;
Temporary Identity Certificate;
Driver’s Licence.
WHEN WILL I NEED TO PROVIDE FICA DOCUMENTS?
Many businesses require FICA documents from their clients, including attorneys, accountants, banks, estate agents, motor vehicle dealers and casinos.
CONCLUSION
FICA compliance is important and many businesses will require FICA documents or other information from you prior to entering into a relationship or concluding a transaction. It is best to ensure that you have current certified copies of your FICA documents when opening accounts or purchasing high value items.
