The Financial Intelligence Centre Act (FICA) was recently introduced in South Africa to help combat money laundering. In accordance with FICA, Investec has to comply with certain requirements that relate to clients with whom we have established business relationships prior to 30 June 2003.
These requirements are now standard in the South African financial services industry and are a pre-requisite for opening any new account with a financial institution.
Furthermore, the requirements prohibit us from transacting with existing clients after 30 June 2004, unless we have obtained certain information about their identity and verified that information, as specified by FICA.
Should you have requested extra Investec Private Bank Account cards or guaranteed a Private Bank Account for another individual, we require FICA documentation for these individuals as well.
The Investec FICA documentation requirements manual can be viewed, which details what information and documentation is required from you. We will also be contacting you in due course to request any outstanding documentation relating to your accounts. If you have already provided us with FICA documentation, please ignore this request.
If you have any queries on FICA and its requirements, please contact your Private Banker or the FICA Client Support Centre on 0800 204 305.
Explanatory note on the Financial Intelligence Centre Act
The Financial Intelligence Centre Act (FICA) was introduced in South Africa to help combat money laundering. Money laundering generally refers to any process where the proceeds of criminal activity are obscured.
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