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FICA

 

 

We need to protect each other

The world has changed. The increase in crime and terrorism has forced many countries to join together in an effort to control the scourge. Thanks to new legislation and international cooperation, the authorities are now hitting the criminals where it hurts - in the wallet. Criminals and terrorists need cash to thrive. They turn the 'dirty' cash they make from fraud, drug-trafficking, smuggling and robbery into 'clean' money by using false identities or using the names of innocent people like you. It's called 'money laundering', and not only is it costing countries billions a year, it is also providing the resources for international terrorism to grow. To stem the flow, government has now put into operation the Financial Intelligence Centre Act 38 of 2001.

 

 

How FICA impacts on you

In line with the new legislation, all banks are required to introduce more stringent processes for the opening of new accounts. This means that, for us to comply with the law, we require you to provide us with additional information before we can open a new Go Banking account for you. The law also requires that your personal information should be updated regularly. These procedures apply to, and must be implemented by all banks.
 
 

What is required from you

Before we can process your application for a Go Account, you will need to supply us with the following:

Proof of identity This should be easy enough. Simply provide Go Banking with your SA green bar-coded identity document. If your identity document has been lost or stolen, we need a police statement and proof of your reapplication for a new identity document from Home Affairs, together with your passport or driver's licence.

Proof of where you live You need to provide an identifiable copy of official documentation containing your name and residential address or stand number and suburb. Please note that this has to contain your physical address, as a postal address is not sufficient. Some examples of these documents are:

  • Utility bill* (eg municipal rates/tax invoice)
  • Bank statement from a non-Nedcor institution*
  • Lease or rental agreement***


Tenantıs documentation:

  • declaration from property owner/landlord
  • permit to occupy the premises
  • site rental certificate
  • letter from employer where the client is housed in/on employer premises
  • Mortgage statement from a non-Nedcor institution**
  • Telkom or any other fixed-line provider account*
  • Payslip or salary advice form*
  • Official SARS document or IRP5 form as supplied by employer***
  • Short-term insurance document***
  • Body corporate or share block correspondence***
  • Motor vehicle licence documentation***
  • Valid Television licence***
 
*Has to be less than three months old.
**Has to be less than six months old.
***Has to be less than twelve months old.
 
  • Home Affairs notification of registered residential address. Declaration from a person with whom you share a residential address. Declaration from community leader/local authority.
  • Two of the following (one of which should be less than three months old): national, provincial or local government document, court order, retail credit account (including cell phone accounts); UIF or pension payment or any other official third-party document from a credible source (eg doctor's account, university document, medical aid statement, etc). If you are opening an account on behalf of someone else: You will need to provide proof of your authority (such as a power of attorney, a mandate or a court order). If you are acting on behalf of a minor or legally incapacitated person we require:birth certificate/green bar-coded identity document, accompanied by proof of residence;
 
We realise that providing this proof is a little inconvenient, but when you weigh the extra effort against the impact this measure will have on crime, we're certain you will fully support the measure.
 

We can help you

Should you need more information, or if you have any questions regarding the Financial Intelligence Centre Act, 38 of 2001, and its impact on you, please call 0860 654 222.