The Financial Intelligence Centre Act 38 of 2001 (FICA) was introduced in South Africa to govern financial intelligence and to assist in the combatting of financial crime.

FICA requirements:

For individual:
– ID;
– Utility bill – no older than 3 months and showing clearly the clients’ physical address; and
– SARS document where clients’ SARS registration number is clearly visible.

For Companies and CC’s:
– The registered address of the close corporation or company;
– The name under which the close corporation or company conducts business;
– The address from which the close corporation or company operates, or if it operates from multiple addresses:
a) The address of the office seeking to establish a business relationship; and
b) The address of its head office;
– The full names, date of birth and identity number or nationality (as may be applicable), concerning:
a) The manager of the company; and
b) Each natural person who purports to be authorised to establish a business relationship or to enter into a transaction with the accountable institution on behalf of the company; and
– The full names, date of birth, identity or registration number, nationality, address and / or legal form, as may be applicable, concerning the natural or legal person, partnership or trust holding 25% or more of the voting rights in the company.

Documents required for companies:
– Identity document; or if a person cannot produce an identity document, another document bearing a photograph of the person and their names, date of birth and identity number;
– A document issued by the South African Revenue Services bearing the person’s name and the relevant number;
– A utility bill (no older than 3 months) or copy thereof; and
– Certificate of Incorporation (form CM1) and Notice of Registered Office and Postal Address (form CM22) – Companies.

Documents required for Closed Corporations:
– Identity document; or if a person cannot produce an identity document, another document bearing a photograph of the person and their names, date of birth and identity number;
– A document issued by the South African Revenue Services bearing the person’s name and the relevant number;
– A utility bill (no older than 3 months) or copy thereof; and
– A Founding Statement and Certificate of Incorporation (form CK1) and Amended Founding Statement (form CK2) if applicable – Close Corporations.

For Partnerships:
– The name of the partnership;
– The names, date of birth, identity or registration number, nationality, addresses and / or legal form, as may be applicable, concerning every partner, including every member of a partnership the person who exercises executive control over the partnership; each natural person who purports to be authorised to establish a business relationship, or to enter into a transaction with the accountable institution on behalf of the partnership.

Documents required for Partnerships:
– Identity document for all partners; or if a person cannot produce an identity document, another document bearing a photograph of the person and their names, date of birth and identity number;
– A document issued by the South African Revenue Services bearing the person’s name and the relevant number;
– A utility bill (no older than 3 months) or copy thereof; and
– Partnership agreement

NB: Part 2 of 2 will be published
next week.
DISCLAIMER: This article is correct as at the time of going to press, however it is no substitute for a consultation with an attorney.
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