FICA (the Financial Intelligence Centre Act) exists to prevent money laundering, fraud, tax evasion, financing of terrorism & other related criminal activity that aims to misuse our financial systems.
The Act requires certain accountable institutions such as banks, estate agents and attorneys to validate and verify the identity of each of their clients before a business transaction can take place. The information and supporting documents vary depending on whether the client is an individual or business entity (company, close corporation, trust).
In the case of a South African Citizen or Foreign National with a permanent residence permit, the following are considered the minimum requirements:
Copy of ID (SA Citizens) / Valid Passport (Foreign National)
Proof of full Residential Address no older than 3 months
Income Tax Number (in certain cases)
The Financial Intelligence Centre will strive to be the leading player in the aggressive combating of money laundering and terror financing to reduce crime for the benefit of South African citizens today and in the future.
Financial Intelligence Centre
For more information visit www.fic.gov.za