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:
  • 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.)
If you have any queries on any of these requirements or are unable to provide the requisite documents, please contact your Private Banker for assistance.

  • 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 Details
    For 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 Details
    Documentary 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 Details
    Documentary 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 CC
    1. 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 applicable
    Trading 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 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 CC:  
    Full Name

    Date of Birth

    Country of Citizenship / Nationality

    Identity Number

    Current Residential (Physical) Address

    Contact Details
    Documentary 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 applicable
    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)
    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 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 company:
    Full Name

    Date of Birth

    Country of Citizenship / Nationality

    Identity Number

    Current Residential (Physical) Address

    Contact Details
    Documentary 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 status
    Proof 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 Details
    Documentary 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 Address
    Documentary 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 incorporation
    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)
    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 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 company:  
    Full Name

    Date of Birth

    Country of Citizenship / Nationality

    Identity Number

    Current Residential (Physical) Address

    Contact Details
    Documentary 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 applicable
    Trust 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 Details
    For 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 Details
    Documentary 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
    Parastatals       
    Identity 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 Details
    Documentary 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
    • Reflect your name
    • Reflect your current physical street address
    • Be a clear scanned copy, electronic copy or a clear photograph of the original document 
    Where proof of address is in the name of:
    • Your spouse or partner, it must be accompanied by a marriage certificate, proof of marital contract or a co-habitation or joint address declaration from the named spouse or partner
    • Your parent or guardian, it must be accompanied by a co-habitation declaration and a copy of his/her SA ID or valid passport
    If you have any queries or are unable to provide the requisite documents, please contact your Private Banker for assistance.

    Document Type Document issue date Validity Period
    Bank statement/ correspondence
     
    Less than three months • Only acceptable from a bank operating from, or incorporated in, a Financial Action Task Force (FATF) member country
    • Must indicate an existing product relationship with the institution, excluding marketing material
    • If obtained from a bank directly, it must include the bank enquiries stamp
    • Please note that transaction history is not considered a bank statement
    Expatriate declaration Less than three months • Letter on a company letterhead from the employer confirming employment, contract period (if not permanent) and address. Must be accompanied by a valid residency permit and/or work visa (template available, if required)
    Insurance company contract or Letter Less than one year • Must be on the letterhead of the insurance company
    • Letter or contract must confirm the existence of a long-term or short-term insurance policy
    Lease or rental agreement Must be in date • Must be signed by the client (tenant/lessee) and the landlord/lessor
    • If the lease has expired and the residential address is as per the lease, the terms must be reviewed to confirm that the lease allows for continued occupancy. Confirmation of occupancy must be obtained from the landlord/lessor
    Levy certificate issued by a body corporate, home owners association or managing agent Less than three months • Applicable for properties in sectional title, cluster or share-block developments
    • Must be on the letterhead of the applicable body corporate, home owner’s association or managing agent
    Mobile phone account or Telkom account Less than three months • Mobile phone accounts only from South African mobile phone companies (eg MTN, Vodaphone, etc), the United Kingdom and Australia will be accepted
    Utility bill Less than three months
    • Can include pre-paid and metering services
    Visitor’s (employee) declaration Less than six months • Standard template must be used and completed in full as well as signed and dated by the person conducting the site visit