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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.

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.

    • Identity Document, Passport or Driver’s Licence;
    • Proof of Residential Address;
    • Income Tax Registration Number (currently exempted).
    • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
    • Proof of physical operating address, e.g. invoice, rates bill etc;
    • Letter from the Auditors confirming shareholding;
    • SARS issued document confirming Income Tax and VAT registration number;
    • Directors resolution appointing the authorised representative of the Company;
    • Certified copy of the ID document of the authorised representative;
    • Certified proof of residential address of the authorised person;

    In respect of any individual or entity holding 25% or more in the Company:/p>

    • Certified copy of their ID and proof of residence;

    And, if applicable:

    • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
    • Proof of physical operating address, e.g. invoice, rates bill etc.
    • SARS issued document confirming Income Tax and VAT registration number.
    • Letter from the Auditors confirming shareholding;
    • Directors resolution appointing the authorised representative of the Company;
    • Certified copy of the ID document of the authorised representative;
    • Certified proof of residential address of the authorised person.
    • A certified copy of the Trust Deed;
    • Certified copy of the Letter of Authority obtained from the Master of the High Court;
    • SARS issued document confirming Income Tax and VAT registration number.
    • Certified copies of ID documents for all the trustees;
    • Certified proof of residential address for all the trustees;
    • Trustees Resolution appointing the authorised representative of the Trust;
    • Certified ID and proof of residence for authorised representative.
    • Registration documents for Body Corporate;
    • Certified proof of physical address for the Body Corporate;
    • Resolution appointing the authorised representative of the Body Corporate;
    • Certified copy of the ID and proof of residence for the authorised representative;
    • Partnership Agreement;
    • Proof of physical address of Partnership;
    • Partner’s resolution appointing the authorised representative of the Partnership;

    In respect of each partner:

    • Certified ID and proof of address;

    In respect of the authorised person, if not a partner:

    • Certified copy of ID and proof of residence;
    • Executors Authority Letter from the Master of the High Court;
    • Copy of the deceased’s ID (if possible);
    • Certified copy of the death certificate;

    In respect of the authorised person as per the executors letter:

    • Certified ID and proof of residence.
    • Company statutory documents – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company
    • Proof of physical operating address, e.g. invoice, rates bill etc;
    • Letter from the Auditors confirming shareholding;
    • Directors resolution appointing the authorised representative of the Company;

    In respect of the authorised representative:

    • Certified copy ID and proof of residential address;

    In respect of any individual or entity holding 25% or more in the Company:

    • Certified copy of their ID and proof of residence;

    And, if applicable:

    • Company statutory documents as above – Certificate of Registration, Memorandum of Incorporation, Certificate of Name Change (if applicable) and signed by a director of the company;
    • Proof of physical operating address, e.g. invoice, rates bill etc.
    • SARS issued document confirming Income Tax and VAT registration number.
    • Letter from the Auditors confirming shareholding;
    • Directors resolution appointing the authorised representative of the Company;
    • Certified copy of the ID document of the authorised representative;
    • Certified proof of residential address of the authorised person;
     
    • Founding statement and Certificate of Incorporation (CK1) signed by the authorised member;
    • Latest amended Founding Statement (CK2) if applicable, signed by the authorised member;
    • Certified proof of registered address of CC;
    • SARS issued document confirming Income Tax and VAT registration number.

    In respect of all the members of the CC:

    • Certified ID’s and proof of residence;
    • Members resolution appointing the authorised representative of the CC;

    In respect of the authorised representative:

    • Certified ID and proof of residence.
  • Not older than three months

    • Utilities Account, e.g. rates, taxes, water etc.
    • Telephone Account e.g Telkom
    • Bank statement from a bank posted
    • Retail accounts
    • Affidavit from the individuals spouse or employer confirming the residential address
    • Mortgage Statement
    • Site visit by MacRobert Employee

    Not older than 1 year

    • TV License
    • Rental / Lease Agreement
    • Motor Vehicle License documentation
    • SARS document used for tax purposes
    • Body Corporate / Share Block Association correspondence
    • Insurance Policy