FICA documents required to open an account

FICA document requirements

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 of 15 years ‘imprisonment or a fine not exceeding R100 million.

Prescribed Cash threshold

This means that all cash transactions exceeding R24 999.99 (being R25 000 or more) must be reported to the Centre in terms of section 28 of the FIC Act or aggregated smaller cash amounts exceeding the cash threshold in a specific period

What are suspicious transactions?

Suspicious transaction means a transaction whether or not made in cash which, to a person acting in good faith- Gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; or. Appears to be made in circumstances of unusual or unjustified complexity.

How does FICA prevent money laundering?

While POCA defines the money laundering offences, FICA compels the business community to take steps to control and prevent money laundering (AML)FICA creates a number of compliance obligations for institutions such as banks, estate agents, brokers, attorneys, insurance companies and motor dealers.

FICA Document Requirements

Full list of FICA Document that could be Required (some documents are mandatory)

Khwezi only requires ID and POA to open an account, PSG, Peregrine, and SAXO require far more but only ID and POA are mandatory.

INDIVIDUAL

  • Copy of ID document (SA Citizens) / Passport (Foreign Nationals)
  • Proof of residential address less than three months old (for example, utility bill, store account statement, bank document with residential address, DSTV account, municipal letter)
    • Should you not have proof of residential address in your name, you may provide a declaration by a third party confirming that you share a residential address with them and provide the third party’s proof of ID and proof of residential address (less than three months old). 
  • Copy of SARS document confirming income tax number
  • Copy of bank document confirming individual banking details (less than three months old)

MINOR

  • Copy of the birth certificate (abridged or unabridged) / ID document
  • In the case of a guardian, provide documents confirming legal guardianship. 
  • Copy of SARS document confirming income tax number of minor
  • Proof of residential address less than three months old
    • As the parent/guardian, you may provide a declaration confirming that:
      • You share a residential address with the minor. 
      • The minor does not have a tax number
  • Copy of ID document (SA Citizens) / Passport (Foreign Nationals) and proof of residential address of parent/guardian
  • Copy of bank document confirming parent/guardian banking details (less than three months old)

NON-RESIDENT INDIVIDUAL

  • Copy of foreign ID document/passport
  • Proof of residential address less than three months old
    • Should you not have proof of residential address in your name, you may provide a declaration by a third party confirming that you share a residential address with them and provide the third party’s proof of ID and proof of residential address (less than three months old).
  • Document confirming tax registration number
  • Copy of bank document confirming foreign bank details of the individual (less than three months old)
    • For investment products (i.e. retirement annuity, equity-linked living annuity, voluntary investment plan, tax-free investment plan, and endowment), we do not make payment to non-resident bank accounts. 
    • For stockbroking products (i.e. local shares, offshore shares, and ETPs), we will be able to accommodate payments to non-resident bank accounts

ESTATE LATE

  • For the deceased we require the following:
    • Copy of death certificate
    • Copy of ID
  • Copy of bank document confirming bank details of estate late account
  • Resolution (if more than one executor)
  • For the executor/s we require the following:
    • Copy of ID
    • Copy of Letter of Executorship / Authority
    • Proof of residential address (less than three months old)
    • Copy of SARS document confirming the income tax number of the Deceased Estate (Estate must be registered with SARS as a Deceased Estate)
    • Notice of death and police report where cause of death was not due to natural causes

What are FICA documents?

FICA stands for The Financial Intelligence Centre Act, which came into effect on 1 July 2003.

FICA was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. FICA brings South Africa in line with similar legislation in other countries.



TRUST

  • Copy of Trust deed (if applicable, any deeds of amendment of Trust Deed)
  • Copy of Letter of Authority
  • Copy of SARS document confirming Income tax / VAT registration number for the trust
  • Resolution signed by all Trustees nominating authorised signatory/representative
  • Copy of bank document confirming trust account banking details (less than three months old)
  • For the authorised signatory/representative, each trustee, beneficiary, and founder of the trust we require the following:
    • Copy of ID
    • Proof of residential address (less than three months old)
  • Proof of source of funds. 

COMPANY

  • Company CIPC registration documents
  • Proof of business address (less than three months old), if different from registered address
  • Copy of SARS document confirming Income tax / VAT registration number for the company
  • Resolution on company letterhead signed by all directors nominating authorised signatory/representative
  • Copy of bank document confirming company banking details (less than three months old)
  • For the authorised signatory/representative and/or CEO, each director, and each person or corporation with a shareholding of 25% or more in the company, we require the following:
    • Copy of ID
    • Proof of residential address (less than three months old)
  • Register of shareholders / written statement from the entity showing ownership and control structure of the company (shareholding diagram)
  • Proof of source of funds.

NON-RESIDENT COMPANY

  • Copy of foreign company registration documents
  • Proof of business address (less than three months old), if different from registered address
  • Document confirming tax registration number for the company
  • Resolution on the company letterhead signed by all directors nominating one signatory/representative
  • Copy of bank document confirming foreign bank details of the company (less than three months old)
  • For the authorised signatory/representative and/or CEO, each director, and each person or corporation with a shareholding of 25% or more in the company, we require the following:
    • Copy of ID/passport
    • Proof of residential address (less than three months old)
  • Register of shareholders / written statement from the entity showing ownership and control structure of the company (shareholding diagram)
  • Proof of source of funds. 

CLOSE CORPORATION

  • Copy of Founding Statement (CK 1) and Certificate of Incorporation (if applicable, CK2 for any amendments to the Founding Statement)
  • Proof of business address if different from registered address (less than three months old)
  • Copy of SARS document confirming Income tax / VAT registration number for the CC
  • Resolution on the CC letterhead signed by all members nominating one signatory/representative
  • Copy of bank document confirming bank details of the company (less than three months old)
  • For the authorised signatory/representative and each member we require the following:
    • Copy of ID
    • Proof of residential address (less than three months old)
  • Proof of source of funds.

PARTNERSHIP

  • Copy of partnership agreement
  • Proof of business address (less than three months old)
  • Resolution signed by all partners nominating authorised signatory/representative
  • Copy of SARS document confirming Income tax / VAT registration number for the partnership
  • Copy of bank document confirming banking details of partnership account (less than three months old)
  • For the authorised signatory/representative and each partner, we require the following:
    • Copy of ID
    • Proof of residential address (less than three months old)

UNINCORPORATED ENTITIES (E.G. CLUBS, CHURCHES)

  • Copy of document confirming a list of all individuals who exercise control over the entity (constitution or similar founding document)
  • Resolution signed by all individuals who exercise control over the entity nominating authorised signatory/representative
  • Proof of physical address for the entity (less than three months old)
  • Copy of SARS document confirming Income tax / VAT registration number for the entity
  • Copy of bank document confirming banking details of partnership account (less than three months old)
  • For the authorised signatory/representative and each member or partner, we require the following:
    • Copy of ID
    • Proof of residential address (less than three months old)
  • Proof of source of funds.
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