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:
- To establish and verify the identity of our clients;
- To keep records of business relations and transactions;
- To report receipts of cash above a prescribed amount to the Financial Intelligence Centre;
- To report suspicious transactions to the Financial Intelligence Centre;
- To implement internal rules consistent with our obligations under FICA;
- To offer compulsory FICA training to all our employees; and
- 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
FICA Compliance Requirements
Use our FICA Compliance Tool to determine your requirements.