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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 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 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 Organisations
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 documents to verify address

All address verification documents must be valid and reflect the name (either initials and surname or first name(s) and surname) and the current physical address of the client (legal property descriptions are also acceptable - e.g. erf/stand numbers). 

If an address verification document is in the name of:

- A spouse/partner:  it must be either (i) accompanied by a marriage certificate or co-habitation/joint address declaration from the named spouse/partner (template available) or Marital Contract, or (ii) verified through an approved third party

- A parent:  it must be accompanied by the child's birth certificate (for a minor) or a co-habitation/joint address declaration from the parent (template available)

- A legal entity:  It must be accompanied by a document linking the individual to the entity.

Document Type Validity Period

Visit Declaration by an Investec employee or approved representative

< 6 months

Utility  Bill

< 3 months

Municipal Rates & Taxes Invoice

< 3 months

Telkom (or other fixed line provider) Account

< 3 months

National / Provincial / Local government-issued document

< 3 months

Bank Statement (from another local bank)

< 3 months

Levy Certificate issued by Body Corporate, Home Owners Association, or Managing Agent.

< 3 months

Letter from Retirement Village, Old Age Home, Asylum, Boarding School, University or Hospital

< 3 months

Contract or Letter from an insurance company

< 12 months

SARS tax return or other official document issued by SARS on their letterhead

< 12 months

TV Licence documentation

< 12 months

MNET or DSTV Account

< 3 months

Lease / Rental Agreement

< 1 year

Motor Vehicle Licence / Licence Renewal documentation

< 1 year

Documents issued by the Court

< 3 months

Security Firm Account or Contract

< 3 months

Municipality Valuation Report

< 3 months

Any two (2) of the following original documents:

1. Retail Accounts, i.e. any informal / non-bank credit arrangement: e.g. clothing accounts, pharmacy accounts, veterinary or doctor accounts, student fee accounts, co-op statements

2. Delivery Notes from a supplier of goods or services (including newspaper delivery notification) with proof of delivery


Note: documents must be from independent suppliers (i.e. documents supplied should not be from the same supplier)

< 3 months