FICA

New procedure for compliance with FICA in respect of new clients.

What is FICA?

In today’s globalised economy, criminals can generate 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”.  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. Accountable Institutions, such as MacRobert, 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 accountable 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.

MacRobert “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 a MacRobert 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 us for assistance.

Checklists for FICA:
  • Passport and proof of the loss or theft of ID or a driver’s license;
  • Ceaddress being a clear copy confirming name and address;
  • SARS issued e Tax and VAT registration number.
  • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
  • Proof of physical operating address, e.g. invoice, rates bill etc;
  • Letter from the Auditors confirming shareholding;
  • SARS issued document confirming Income Tax and VAT registration number;
  • Directors resolution appointing the authorised representative of the Company;
  • Certified copy of the ID document of the authorised representative;
  • Certified proof of residential address of the authorised person;
 

In respect of any individual or entity holding 25% or more in the Company:/p>

  • Certified copy of their ID and proof of residence;

And, if applicable:

  • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
  • Proof of physical operating address, e.g. invoice, rates bill etc.
  • SARS issued document confirming Income Tax and VAT registration number.
  • Letter from the Auditors confirming shareholding;
  • Directors resolution appointing the authorised representative of the Company;
  • Certified copy of the ID document of the authorised representative;
  • Certified proof of residential address of the authorised person.
  • A certified copy of the Trust Deed;
  • Certified copy of the Letter of Authority obtained from the Master of the High Court;
  • SARS issued document confirming Income Tax and VAT registration number.
  • Certified copies of ID documents for all the trustees;
  • Certified proof of residential address for all the trustees;
  • Trustees Resolution appointing the authorised representative of the Trust;
  • Certified ID and proof of residence for authorised representative.
  • Founding Agreement;

In respect of each partner:

  • Certified copy of identity document
  • Certified proof of residential address;
  • Letter from Auditors confirming shareholding;
  • Resolution appointing an authorised representative;
  • Certified copy of ID and proof of residence for authorised representative;

In respect of any individual or entity holding 25% or more in the Company:

  • Certified copy of their ID and proof of residence;

And, if applicable:

  • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
  • Proof of physical operating address, e.g. invoice, rates bill etc.
  • SARS issued document confirming Income Tax and VAT registration number.
  • Letter from the Auditors confirming shareholding;
  • Directors resolution appointing the authorised representative of the Company;
  • Certified copy of the ID document of the authorised representative;
  • Registration documents for Body Corporate;
  • Certified proof of physical address for the Body Corporate;
  • Resolution appointing the authorised representative of the Body Corporate;
  • Certified copy of the ID and proof of residence for the authorised representative;
  • Partnership Agreement;
  • Proof of physical address of Partnership;
  • Partner’s resolution appointing the authorised representative of the Partnership;

In respect of each partner:

  • Certified ID and proof of address;

In respect of the authorised person, if not a partner:

  • Certified copy of ID and proof of residence;
  • Certificate of registration as a NPO;
  • Certified proof of physical address of NPO;
  • Resolution appointing an authorised representative of the NPO;

In respect of the authorised person:

  • Certified ID and proof of residential address.
  • Executors Authority Letter from the Master of the High Court;
  • Copy of the deceased’s ID (if possible);
  • Certified copy of the death certificate;

In respect of the authorised person as per the executors letter:

  • Certified ID and proof of residence.
  • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company
  • Proof of physical operating address, e.g. invoice, rates bill etc;
  • Letter from the Auditors confirming shareholding;
  • Directors resolution appointing the authorised representative of the Company;

In respect of the authorised representative:

  • Certified copy ID and proof of residential address;

In respect of any individual or entity holding 25% or more in the Company:

  • Certified copy of their ID and proof of residence;

And, if applicable:

  • Company statutory documents as above - Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
  • Proof of physical operating address, e.g. invoice, rates bill etc.
  • SARS issued document confirming Income Tax and VAT registration number.
  • Letter from the Auditors confirming shareholding;
  • Directors resolution appointing the authorised representative of the Company;
  • Certified copy of the ID document of the authorised representative;
  • Certified proof of residential address of the authorised person;
  • Founding statement and Certificate of Incorporation (CK1) signed by the authorised member;
  • Latest amended Founding Statement (CK2) if applicable, signed by the authorised member;
  • Certified proof of registered address of CC;
  • SARS issued document confirming Income Tax and VAT registration number.

In respect of all the members of the CC:

  • Certified ID’s and proof of residence;
  • Members resolution appointing the authorised representative of the CC;

In respect of the authorised representative:

  • Certified ID and proof of residence.

Not older than three months

  • Utilities Account, e.g. rates, taxes, water etc.
  • Telephone Account e.g Telkom
  • Bank statement from a bank posted
  • Retail accounts
  • Affidavit from the individuals spouse or employer confirming the residential address
  • Mortgage Statement
  • Site visit by MacRobert Employee

Not older than 1 year

  • TV License
  • Rental / Lease Agreement
  • Motor Vehicle License documentation
  • SARS document used for tax purposes
  • Body Corporate / Share Block Association correspondence
  • Insurance Policy