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FICA Requirements
FINANCIAL INTELLIGENCE CENTRE ACT (“FICA”)
What is FICA?
Money laundering is the process by which money obtained from illegal sources is given the appearance of having come from a legitimate source.
The majority of criminal activities are perpetrated to achieve one thing - Money! If money is generated by crime, it is useless unless the original tainted source or intended usage of funds can be disguised as it could connect the criminals to the illegal activity and law enforcement officials would seize it.
In today’s globalised economy, criminals can generates huge sums of money through fraud, drug trafficking, arms smuggling and many other heinous crimes. These criminals are constantly adapting their activities to disguise their “dirty money” and targeting financial institutions. Not only does this cost countries billions a year, it is also providing the resources for international terrorism to grow.
Governments and international bodies have undertaken efforts to deter, prevent and apprehend money launderers. Financial institutions have likewise undertaken efforts to prevent and detect transactions involving “dirty money”, both as a result of government requirements and to avoid the reputational risk involved.
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 financial 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.
Investec “Know Your Client” (KYC) Requirements
Details of the KYC information and documentation requirements are listed below; however please note that these are the minimum requirements and, in certain circumstances, additional information and/or documentation may be requested.
Please select the entity that is applicable to you below.
Please note that all documentation provided must be either:
Money laundering is the process by which money obtained from illegal sources is given the appearance of having come from a legitimate source.
The majority of criminal activities are perpetrated to achieve one thing - Money! If money is generated by crime, it is useless unless the original tainted source or intended usage of funds can be disguised as it could connect the criminals to the illegal activity and law enforcement officials would seize it.
In today’s globalised economy, criminals can generates huge sums of money through fraud, drug trafficking, arms smuggling and many other heinous crimes. These criminals are constantly adapting their activities to disguise their “dirty money” and targeting financial institutions. Not only does this cost countries billions a year, it is also providing the resources for international terrorism to grow.
Governments and international bodies have undertaken efforts to deter, prevent and apprehend money launderers. Financial institutions have likewise undertaken efforts to prevent and detect transactions involving “dirty money”, both as a result of government requirements and to avoid the reputational risk involved.
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 financial 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.
Investec “Know Your Client” (KYC) Requirements
Details of the KYC information and documentation requirements are listed below; however please note that these are the minimum requirements and, in certain circumstances, additional information and/or documentation may be requested.
Please select the entity that is applicable to you below.
Please note that all documentation provided must be either:
- An original, or
- A copy of the original document sighted by an Investec 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.)
-
Individuals
Information required Documentation required Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
Current Residential (Physical) Address Recent documentary evidence of your residential address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)
Contact Details Verification not required SA Income Tax Registration Number, where applicable Verification not required In addition, for any person with authority to act on your behalf:
Information Required Documentation Required Any person with the authority to act on behalf of the client
Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Documentary evidence of authority of the person acting on your behalf
(e.g. power of attorney, mandate, resolution, court order, letter of authority, etc..)
AND
For South African residents:
Green, bar-coded identity document
For Foreign residents:
Valid passport
Current Residential (Physical) Address
Recent documentary evidence of the operating address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Contact Details Verification not required SA Income Tax Registration Number, where applicable Verification not required -
Sole Proprietorships
Identity Information Documentation Required Business/Trading Name
Independent documentary evidence reflecting the Business / Trading Name
(e.g. letterhead, proof of address, business invoice)Business/Trading Address
Independent documentary evidence of the business address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address.)Contact Details Verification not required SA Income Tax Registration Number, where applicable Verification not required SA VAT Registration Number, where applicable Verification not required In addition, the identity of the following parties that are “related to” the Sole Trader must be established and verified as follows:
Information required Documentation Required Sole Proprietor: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsFor South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
AND
Recent documentary evidence of residential address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address.)Each person authorised to establish a relationship or transact on behalf of the sole proprietorship Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the business
(e.g. power of attorney, mandate or resolution)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Partnerships
Identity Information Documentation Required Operating Name
Names of all partners in the Partnership (including silent partners, every member if the partnership en commandite, an anonymous partnership or any similar partnership
Partnership Agreement
If no Partnership Agreement exists, a letter from the partnership confirming that no written partnership exists and identifying:
- the operating name of the partnership,
- address of the partnership
- purpose of the partnership
- Full names and addresses of all partners
(Letter must be signed by all partners)Business/Operating Address
Recent documentary evidence of the operating address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Contact Details Verification not required SA Income Tax & VAT Registration Numbers, where applicable Verification not required In addition, the identity of the following parties that are “related to” the Partnership must be established and verified as follows:
Information required Documentation Required All Partners: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact Details
(If a partner is an entity, please refer to the relevant entity type for details of information and documentation required)For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
The person who exercises executive control over the partnership: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact Details
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
Each person authorised to establish a relationship or transact on behalf of the partnership: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the partnership
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Close Corporations
Identity Information Documentation Required Registered Name
Registration Number
Registration Address
Names of all Members of the CC1. Founding Statement and Certificate of Incorporation (CK1) or Amended Founding Statement (CK2)
2. Amended Founding Statement in respect of Accounting Officer and Addresses (CK2A), as applicableTrading Name
(if different from registered name)Independent documentary evidence reflecting the Business / Trading Name
(e.g. letterhead, proof of address, business invoice)Business/Operating Address
(if different from registered address)Recent documentary evidence of the operating address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Head Office Address
(if different from registered/operating address)Recent documentary evidence of the head office address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Contact Details Verification not required SA Income Tax & VAT Registration Numbers, where applicable Verification not required NOTE: Documents issued by / lodged with CIPC/CIPRO must bear the stamp of the Registrar of Companies.
In addition, the identity of the following parties that are “related to” the CC must be established and verified as follows:
Information required Documentation Required All members of the CC: Full Name
Date
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact Details
(If a partner is an entity, please refer to the relevant entity type for details of information and documentation required for verification)For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
The person who exercises executive control over the CC (if not a member): Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsFor South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
Each person authorised to establish a relationship or transact on behalf of the CC: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the CC
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
South African Companies (excluding public companies on approved exchanges)
Identity Information Documentation Required Registered Name
Registration Number
Certification of Incorporation (CM1) and Memorandum of Incorporation (CM2) and any other forms amending company information, as applicable (e.g. Certificate of change of name of company (CM9))
OR
Registration Certificate (COR14.3) and Memorandum of Incorporation (COR15.3) and any other forms amending company information, as applicable (e.g. Amendment of memorandum of incorporation (COR15.2))Registered Address
Notice of Registered Office & Postal Address (CM22)
OR
Registration Certificate (COR14.3) or Notice Of Change Of Registered Address (COR21), if applicableTrading/Operating Name
(if different from registered name)
Independent documentary evidence reflecting the Business / Trading Name
(e.g. letterhead, proof of address, business invoice)Operating Address
(if different from registered address)Recent documentary evidence of the operating address
(e.g. utility bill - for a complete list, see attached schedule)Contact Details Verification not required SA Income Tax & VAT Registration Numbers, where applicable Verification not required
NOTE: Documents issued by / lodged with CIPC/CIPRO must bear the stamp of the Registrar of Companies
In addition, the identity of the following parties that are “related to” the Company must be established and verified as follows:Information required Documentation Required Shareholders holding 25% or more of voting rights at a general meeting of the company: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact Details
(If a Shareholder is an entity, please refer to the relevant entity type for details of information and documentation required for verification)Documentary evidence of shareholding
(e.g. share certificate, shareholders register, letter from company secretary / auditor confirming shareholding)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
The person who exercises executive control over the company (e.g. Managing Director or CEO): Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsFor South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
Each person authorised to establish a relationship or transact on behalf of the company: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the company
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Public Companies (approved exchanges)
Note: A list of securities exchanges that have been recognised / approved in terms of FICA is contained in the schedule to the FICA Regulations and can be viewed at www.fic.gov.za.
Identity Information Documentation Required Registered Name
Registration Number
Registered Address
Name of exchange on which entity is listed and listing statusProof of Listing on relevant securities exchange - either official documentation or printout/electronic import from exchange website
Trading/Operating Name
(if different from registered name)Independent documentary evidence reflecting the Business / Trading Name
(e.g. letterhead, proof of address, business invoice)Operating Address
(if different from registered address)Verification not required
Head Office Address
(if different from registered/operating address)Verification not required Contact Details Verification not required SA Income Tax & VAT Registration Numbers, where applicable Verification not required In addition, the identity of the following parties that are “related to” the Company must be established and verified as follows:
Information required Documentation Required Any person with the authority to act on behalf of the company Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the company
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Foreign Companies (excluding public companies on approved exchanges)
Identity Information Documentation Required Registered Name
Registration Number
Registration AddressDocumentary evidence of the entity's existence that is consistent with practices in the local market and reflects the registered name and registration number
(e.g. a print-out of the web-page of a govt-sponsored corporate registry, Certificate of Incorporation/Registration, Audited Report / Financial Statements)
Any other proof of registration of changes in company information since incorporationTrading/Operating Name
(if different from registered name)Independent documentary evidence reflecting the Business / Trading Name
(e.g. letterhead, proof of address, business invoice)Operating Address
(if different from registered address)Recent documentary evidence of the operating address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Head Office Address
(if different from registered/operating address)Recent documentary evidence of the operating address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Contact Details Verification not required SA Income Tax & VAT Registration Numbers, where applicable Document/s issued by the SARS containing Income Tax & VAT Registration Numbers (copies acceptable) In addition, the identity of the following parties that are “related to” the Company must be established and verified as follows:
Information required Documentation Required Shareholders holding 25% or more of voting rights at a general meeting of the company: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact Details
(If a Shareholder is an entity, please refer to the relevant entity type for details of information and documentation required for verification)Documentary evidence of shareholding
(e.g. share certificate, shareholders register, letter from company secretary / auditor confirming shareholding)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
The person who exercises executive control over the company (e.g. Managing Director or CEO): Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsFor South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
Each person authorised to establish a relationship or transact on behalf of the company: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the company
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Trusts
Identity Information Documentation Required Name of Trust
Address of the Master of the High Court where trust is registered, as applicableTrust Deed
Letter/s of Authority issued by the Master of the High Court to each trustee (or equivalent authorisation document as applicable in other jurisdictions).SA Income Tax Registration Number, where applicable Verification not required In addition, the identity of the following parties that are “related to” the Trust must be established and verified as follows:
Information required Documentation Required Donor / Founder, Trustees, Named Beneficiaries: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsFor South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport
Any person with the authority to act on behalf of the Trust: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the trust
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Other Legal Entities
Includes all other entities that cannot be otherwise classified, for example:
Professional partnerships
Testamentary / Inter Vivos trusts
Non-profit Organisation
Charities
Clubs
Societies
Associations
Public sector entities (central government, provincial government, local authorities, foreign government)
Pension / Provident / Retirement / Medical Funds
Educational Institutions (schools, universities, colleges)
Sectional Title Body Corporate
Political Parties
Foreign Trusts
Diplomatic missions / Embassies
ParastatalsIdentity Information Documentation Required Full Name
Legal Form
Constitution or other Founding Document in terms of which the entity is created. Operating Address
Recent documentary evidence of the operating address
(e.g. utility bill - For a complete list refer to the Schedule of acceptable documents to verify address)Contact Details Verification not required SA Income Tax Registration Number, where applicable Verification not required In addition, the identity of the following parties that are “related to” the legal entity must be established and verified as follows:
Information required Documentation Required Each person authorised to establish a relationship or transact on behalf of the legal entity: Full Name
Date of Birth
Country of Citizenship / Nationality
Identity Number
Current Residential (Physical) Address
Contact DetailsDocumentary evidence authorising the person to act on behalf of the entity
(e.g. resolution, mandate or minutes)
AND
For South African residents:
Green, bar-coded identity document
For foreign residents:
Valid passport -
Schedule of acceptable address verification documents
All address verification documents must:
- Be valid, and
- Reflect the name of the client (or other appliable name), and
- Reflect the current physical street address (ERF address not preferred) of the client as stipulated in the application form or confirmed by the client, and
- Be original or originally certified or originally sighted (unless specified electronic copies accepted)
Acceptable names that it may be addressed to and additional requirements (where applicable):
- In the name of the client, or
- In the name of the client's spouse and marriage certificate or proof of marital contract, or
- In the name of the client's spouse or partner and co-habitation or joint address declaration by the named spouse or partner, or
- In the name of the client’s parent or guardian and child’s birth certificate and a copy of the SA ID or valid passport of the parent or guardian, or
- In the name of the client’s parent or guardian and co-habitation or joint address declaration by the parent or guardian and a copy of the SA ID or valid passport of the parent or guardian, or
- In the name of any other third party and co-habitation or joint address declaration by the third party, or
- In the name of an entity and a document linking the individual to the entity, or
- In the name of an individual and supporting documents linking the individual to the entity and a declaration confirming that the entity is trading from the address on the proof of address
Documents must be the most recent versions of the document available:
- Documents issued monthly (i.e. utility bills for services) must be less than 3 months old
- Documents issued annually (i.e. SARS documents) must be less than 12 months old
- Longer dated documents (i.e. leases and valuations) must be valid and must be confirmed as current information
Electronic documents that comply with the above mentioned requirements are acceptable provided that the documents adhere to the following:
- Electronically-generated documents received via email from the source or downloaded directly from the source, can only be accepted where specified below
- These documents are considered original; however records must reflect that the document is an electronic original
Schedule of acceptable address verification documents
- The website of the sender, stated on the document or email, is cross referenced to the email address of the sender
- The attachment needs to be non editable (i.e. PDF, html, .tif, .gif, .jpg, .bmp) and the original e-mail that is forwarded clearly showing the chain of recipients with issuing party e-mail as source
- Scanned images will not be accepted as electronic documents even if attached as a pdf, except where specified below
Document Type Document issue date Validity Period Bank correspondence
< 3 months
• Only acceptable from a bank operating from or incorporated in a FATF-member country
• Must indicate an existing product relationship with the institution, excluding marketing material
• Electronic documents can be accepted (see notes on electronic documents)Bank statement
< 3 months
• Only acceptable from a bank operating from or incorporated in a FATF-member country
• Must be received via post, or if obtained from a bank directly, must contain the bank enquiries stamp
• Electronic documents can be accepted (see notes on electronic documents)
• Note: Transaction History is NOT considered to be a bank statementCourt document
< 3 months
• These include summonses, notices, warrants and court orders served by the Sheriff or Deputy Sheriff
• Must be an official document issued and stamped by the CourtExpatriate declaration
< 3 months
• Letter on a company letterhead from the employer confirming employment, contract period (if not permanent) and address AND accompanied by a valid residency permit and/or work visa (template available if required)
• Letter must be an original, or if scanned and emailed, must be in a non-editable format (see notes on electronic documents)Insurance company contract or Letter
< 1 year
• Must be on the letterhead of the insurance company
• Letter/contract must confirm the existence of a longterm or short-term insurance policy
• Electronic documents can be accepted (see notes on electronic documents)Lease/rental agreement
Must be in date
• Must be signed by the client (tenant/lessee) and the landlord/lessor
• If original lease is not available for certification, the landlord/lessor/agent must be contacted to confirm occupancy
• If lease has expired and client has confirmed that the residential address is as per lease, terms must be reviewed to confirm lease allows for continued occupancy and confirmation obtained from the landlord/lessor to confirm occupancy
• Electronic documents can be accepted (see notes on electronic documents)Letter from a retirement village, old age home, asylum, boarding school, university or hospital < 3 months
• Letter must be on the letterhead of the applicable retirement village/old age home/asylum/boarding school/university/hospital confirming name and address of client
• Electronic documents can be accepted (see notes on electronic documentsLevy certificate issued by a body corporate, home owners association or managing agent
< 3 months
• Applicable for properties in sectional title, cluster or share-block developments
• Must be on the letterhead of the applicable body corporate/home owners association/managing agent
• Electronic documents can be accepted (see notes on electronic documents)Medical aid statement
< 3 months
• Must be on the company letterhead of the medical aid
• Letter must confirm the existence of an existing medical aid policyMobile phone account < 3 months • Can only be accepted from mobile phone companies in South Africa (e.g. MTN, Vodaphone, etc.), the United Kingdom and Australia.
• Electronic documents can be accepted (see notes on electronic documents)Motor vehicle licence/licence renewal < 1 year
• Must be an official document issued by the relevant government authority National/provincial/local government document < 3 months • Must be an official document issued by the relevant government department and posted to the client's residential address, e.g. traffic fines SABC licence
< 1 year
• Licence card or letter from SABC confirming licence renewal can be accepted
• Electronic documents can be accepted (see notes on electronic documents)SARS document
< 1 year
• Must be posted to the client's residential address
• Electronically submitted documents or print-outs from SARS website are not acceptableSecurity firm account or contract
< 3 months
• Must be on the letterhead of the security firm
• Electronic documents can be accepted (see notes on electronic documents)Telkom account < 3 months • Electronic documents can be accepted (see notes on electronic documents) Tenant declaration
< 3 months
• Standard template must be utilised and completed in full, signed and dated by the landlord/lessor
• Must be accompanied by a utility bill or lease agreement in the landlord/lessor's name
• Declaration must be an original OR if scanned and emailed (see notes on electronic documents)Utility bill
< 3 months
• Can include pre-paid and metering services
• Electronic documents can be accepted (see notes on electronic documents)Valuation report (muncipal) < 3 months
• Must be an official document issued by the relevant municipality Visitor's declaration
< 6 months (from date of visit)
• Standard template must be utilised and completed in full, signed and dated by person conducting site visit
• Original must be obtained if declaration provided by an approved courier company (i.e. CCD)Other < 3 months
• If one of the above documents cannot be obtained, any two (2) of the following documents can be accepted:
– Retail Store Accounts
– Delivery Notes from a supplier of goods or services (including newspaper delivery notification) with proof of delivery
– MNET or DSTV account
• Documents must be from independent suppliers (i.e. cannot accept 2 documents from the same supplier) - Be valid, and