Financial Intelligence Center Act (FICA) Requirements
Tshikululu, on behalf of its clients, is required by the Financial Intelligence Centre Act (38 of 2001) (the FICA) to vet each beneficiary (in case of individuals) OR each governing official (in the case of organisations).
By governing officials, we are referring to:
- All registered trustees of a trust’s board of trustees (as per the Master of the High Court’s Letter of Authority);
- All registered directors of a company (including non-profit companies (NPCs);
- All serving members of a voluntary association’s governing structure (depending on the association’s constitution, this might be a council, a board, or even a management committee); OR
- All serving members of a school’s governing body (SGB).
Tshikululu requires the FICA documents for each member of the applicant organisation’s governing body, or, from the person applying (if the applicant is an individual). Please ensure that these documents are not more than three months old:
- Certified Proof of Identity; and
- Proof of residential address.
Proof of Identity
Tshikululu is required to ascertain the identity of any counterparty to a transaction, as per by the Financial Intelligence Centre Act (FICA). To this end, Tshikululu requires all applicants to furnish their proof of identity in the manner set out below:
- a certified copy of the person’s green bar-coded RSA ID document; OR
- a certified copy of both sides of the person’s ID card; OR
- a certified copy of the person’s valid driver’s licence; OR
- a certified copy of the person’s valid passport.
Proof of address
Tshikululu is required to ascertain the residential and/or business address of any counterparty to a transaction, as per by the FICA. To this end, Tshikululu requires all applicants to furnish their proof of residential and/or business address as set out below:
- Any document/account/bill/statement of account which is addressed to the applicant by name, by a third party, and which shows the applicant’s residential and/or business address is suitable as verification of the address. Examples of the documents:
- Utility bill i.e. a rates and taxes account from the local municipality in respect of the residential and/or business property; OR
- where an applicant rents his/her/its residential and/or business property, a copy of the lease or rental agreement between the applicant and the rental agent/owner of the property resides and wherein the address of that property is stated; OR
- for properties in sectional title, cluster or share-block developments, a levy certificate which has been issued to the applicant by the body corporate, home-owners’ association or managing agent in respect of the unit.