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  • fica document requirements

FICA documents required to open an account

FICA documents required to open an account Why is FICA Important The primary purpose of FICA is to protect companies and individuals by eliminating the possibility of money laundering AML (Anti -money laundering) and ATF (Anti-Terrorist Funding) from a transaction. Why is FICA registration for companies essential? Registration with the Financial Intelligence Centre (FIC) is a legal requirement applying to all accountable and reporting institutions Registration with the FIC is a legal obligation in terms of the FIC Act. What is the maximum penalty for the company for noncompliance with FICA? Penalties for non-compliance with FICA administrative charges, for a natural person R 10 Million and a maximum for a legal entity of R 50 million. If criminal charges are brought a maximum

May 6th, 2020|

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