FICA stands for Financial Intelligence Centre Act. FICA is legislation that 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 designed to reveal the movement of monies derived from unlawful activities and thereby curbing money laundering and other criminal activities. FICA legislation creates four money laundering control obligations for all accountable institutions such as Bayport as follows:
Only the following documents will be accepted as valid document showing proof of residential address, the proof address is required to be less than three months old:
Should the client not have proof of address in their name, they may provide an affidavit with a declaration by a third party confirming that they share an address with them and provide the third party’s proof of ID and proof of address (less than three months old).