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// Financial Intelligence Centre Act

What is FICA?

Learn more about FICA and what we need from you.

Power Singh Incorporated, alongside all other law firms, is an “accountable institution” in terms of Financial Intelligence Centre Act 38 of 2001 (“FICA”) and the Act contains stringent requirements with which we are obliged to comply. We adhere to all the obligations imposed by FICA and its regulations.

Our obligations in terms of FICA include the following:

  1. To establish and verify the identity of our clients.
  2. To keep records of business relations and transactions.
  3. To report receipts of cash above a prescribed amount to the Financial Intelligence Centre.
  4. To report suspicious transactions to the Financial Intelligence Centre.
  5. To implement internal rules consistent with our obligations under FICA.
  6. To offer compulsory FICA training to all our employees; and
  7. To appoint a compliance officer.

We request your assistance in complying with our obligations. Whilst we appreciate that the client identification and verification process may not always be convenient, we are not permitted to establish a business relationship or conclude a single transaction with a client (ie act on behalf of a client) unless the prescribed steps have been taken to identify and verify the identity of that client. Please note that these are the minimum requirements and, in certain circumstances, additional information and/or documentation may be requested.

We may refuse to accept an instruction from a client until such time as the prescribed information and documents have been provided to us.

Please let us know if you have any questions with regard to our client identification and verification process or your obligations in terms of FICA.

Protecting and promoting fundamental rights and freedoms

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FICA Compliance Requirements

Use our FICA Compliance Tool to determine your requirements.

  • Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
    • 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.)
  • Documentation required:

    • Independent documentary evidence reflecting the Business / Trading Name.
      (e.g. letterhead, proof of address, business invoice.)
    • 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.)

    In addition, the identity of the following parties that are “related to” the Sole Trader must be established and verified as follows:

    Sole Proprietor.

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
    • Recent documentary evidence of residential address.
      (e.g. utility bill – For a complete list refer to the Schedule of acceptable documents to verify the address.)

    Each person authorised to establish a relationship or transact on behalf of the sole proprietorship.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the business.
      (e.g. power of attorney, mandate or resolution.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • Partnership Agreement.

    Documentation required:

    • 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.)
    • Recent documentary evidence of the operating address.
      (e.g. utility bill – For a complete list refer to the Schedule of acceptable documents to verify the address.)

    In addition, the identity of the following parties that are “related to” the Partnership must be established and verified as follows:

    All Partners.

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    The person who exercises executive control over the partnership.

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    Each person authorised to establish a relationship or transact on behalf of the partnership.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the partnership.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • Documentation required:

    • Registered name, number and address.
      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.
    • Independent documentary evidence reflecting the Business / Trading Name.
      (e.g. letterhead, proof of address, business invoice.)
    • Recent documentary evidence of the operating address.
      (e.g. utility bill – For a complete list refer to the Schedule of acceptable documents to verify the 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 the address.)

    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:

    All members of the CC.

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    The person who exercises executive control over the CC (if not a member).

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    Each person authorised to establish a relationship or transact on behalf of the CC.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the CC.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • Documentation required:

    • Registered name and 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 the 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 a 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.
    • Independent documentary evidence reflecting the Business / Trading Name.
      (e.g. letterhead, proof of address, business invoice.)
    • Recent documentary evidence of the operating address.
      (e.g. utility bill – for a complete list, see attached schedule.)

    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.

    Shareholders holding 25% or more of voting rights at a general meeting of the company.

    Documentation required:

    • Documentary evidence of shareholding.
      (e.g. share certificate, shareholders register, a letter from company secretary/auditor confirming shareholding.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    The person who exercises executive control over the company (e.g. Managing Director or CEO).

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    Each person authorised to establish a relationship or transact on behalf of the company.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the company.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • 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.

    Documentation required:

    • Proof of Listing on relevant securities exchange – either official documentation or printout/electronic import from exchange website.
    • Independent documentary evidence reflecting the Business / Trading Name.
      (e.g. letterhead, proof of address, business invoice.)

    In addition, the identity of the following parties that are “related to” the Company must be established and verified as follows:

    Any person with the authority to act on behalf of the company.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the company.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • Documentation required:

    • 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.
    • Independent documentary evidence reflecting the Business / Trading Name.
      (e.g. letterhead, proof of address, business invoice.)
    • 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 the address.)
    • Head Office 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 the address.)
    • Document/s issued by the SARS containing Income Tax & VAT Registration Numbers (certified copies acceptable).

    In addition, the identity of the following parties that are “related to” the Company must be established and verified as follows:

    Shareholders holding 25% or more of voting rights at a general meeting of the company.

    Documentation required:

    • Documentary evidence of shareholding.
      (e.g. share certificate, shareholders register, a letter from company secretary/auditor confirming shareholding.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    The person who exercises executive control over the company, (e.g. Managing Director or CEO).

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    Each person authorised to establish a relationship or transact on behalf of the company.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the company.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • Documentation required:

    • 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).

    In addition, the identity of the following parties that are “related to” the Trust must be established and verified as follows:

    Donor / Founder, Trustees, Named Beneficiaries.

    Documentation required:

    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.

    Any person with the authority to act on behalf of the Trust.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the company.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • This includes all other entities that cannot be otherwise classified, for example:

    • Professional partnerships;
    • Testamentary / Inter Vivos trusts;
    • Non-profit Organisation;
    • Charities;
    • Clubs;
    • Societies;
    • Associations;
    • Public sector entities (central government, the 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; and
    • Parastatals.

    Documentation required:

    • Constitution or other Founding Document in terms of which the entity is created.
    • Recent documentary evidence of the operating address.
      (e.g. utility bill – For a complete list refer to the Schedule of acceptable documents to verify the address.)

    In addition, the identity of the following parties that are “related to” the legal entity must be established and verified as follows:

    Each person authorised to establish a relationship or transact on behalf of the legal entity.

    Documentation required:

    • Documentary evidence authorising the person to act on behalf of the company.
      (e.g. resolution, mandate or minutes.)
    • Certified proof of identity.
      • For South African residents: A green, bar-coded identity document.
      • For foreign residents: A valid passport.
  • All address verification documents must:

    • Be valid;
    • Reflect your name;
    • Reflect your current physical street address; and
    • Be a clear scanned copy, electronic copy or a clear photograph of the original document.

    Where proof of address is in the name of:

    • Your spouse or partner, it must be accompanied by a marriage certificate, proof of marital contract or a co-habitation or joint address declaration from the named spouse or partner.
    • Your parent or guardian, it must be accompanied by a co-habitation declaration and a copy of his/her SA ID or valid passport.

    Please take note of the type of documents we require which need to have a valid issue date and period.

    Bank statement/correspondence – Less than three months.

    • Only acceptable from a bank operating from, or incorporated in, a Financial Action Task Force (FATF) member country.
    • Must indicate an existing product relationship with the institution, excluding marketing material.
    • If obtained from a bank directly, it must include the bank enquiries stamp.
    • Please note that transaction history is not considered a bank statement.

    Expatriate declaration – Less than three months.

    • Letter on company letterhead from the employer confirming employment, contract period (if not permanent) and address. Must be accompanied by a valid residency permit and/or work visa (template available, if required).

    Insurance company contract or Letter – Less than one year.

    • Must be on the letterhead of the insurance company.
    • Letter or contract must confirm the existence of a long-term or short-term insurance policy.

    Lease or rental agreement – Must be in date.

    • Must be signed by the client (tenant/lessee) and the landlord/lessor.
    • If the lease has expired and the residential address is as per the lease, the terms must be reviewed to confirm that the lease allows for continued occupancy. Confirmation of occupancy must be obtained from the landlord/lessor.

    Levy certificate issued by a body corporate, homeowners association or managing agent – Less than three months.

    • Applicable for properties in sectional title, cluster or share-block developments.
    • Must be on the letterhead of the applicable body corporate, home owner’s association or managing agent.

    Mobile phone account or Telkom account – Less than three months.

    • Mobile phone accounts only from South African mobile phone companies (eg MTN, Vodaphone, etc), the United Kingdom and Australia will be accepted.

    Utility bill – Less than three months.

    • Can include pre-paid and metering services.

    Visitor’s (employee) declaration – Less than six months.

    • The standard template must be used and completed in full as well as signed and dated by the person conducting the site visit.
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