Financial Intelligence Centre Act (FICA)

FICA, the Financial Intelligence Centre Act (38 of 2001) was established to combat financial fraud and money laundering and the financing of terrorist and related activities.

The Act further imposes certain duties on financial institutions which might be used for money laundering purposes and terrorist and related activities. The duties include 'know your customer', record-keeping and reporting obligations. 

Know Your Customer (KYC)

According to the Act, for the purposes of financial transactions, every customer of a South African bank must positively identify themselves. Therefore, when transacting with us, the Exchange Control Regulations and the Financial Intelligence Centre Act require you to provide:

  • Proof of your residential address in the form of a third party document such as a utility bill (cell phone account, rates and taxes account or electricity account).
  • Identity document

And in the case of travel forex purposes and Exchange Control Regulations:

  • Valid passport
  • Travel ticket or itinerary

Making sure every client is FICA compliant is a big step towards preventing crime South Africa and maintaining the integrity of the financial system.