What is FICA?
FICA came into effect to fight crimes such as money laundering, tax evasion, and other unlawful financial activities. FICA does not only help curb these illegal activities, but also helps to keep the money of South African citizens safe.
The Nitty Gritty of FICA
iKhokha has a responsibility to FICA you according to the Financial Intelligence Centre Act (38 of 2001).
iKhokha needs to verify a merchant’s identity and bank account therefore require a potential merchant to upload a few documents depending on whether the merchant is applying as an individual or on behalf of a business.
A sole proprietorship is a sole trader. It is a business owned and run by one person.
If you're a sole proprietor, we'll need the following documents:
- ID copy
- Proof of residence
- Letter from bank or bank statement reflecting your name and account details.
A business can be classified as a PTY, CC or Trust or other business entity.
If you are a member or stakeholder of a registered business, we'll need the following documents:
- Company registration document
- Director/s ID copy
- Resolution should there be more than one director
- Proof of address for the business or an affidavit from the police station
- Letter or bank statement confirming account details
Give us a call on 087 222 7000 if you have any questions.