So you’ve heard about this thing called FICA but what is it all about and what’s it got to do with iKhokha? Read through this handy breakdown to learn everything you need to know…
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.
A business can be classified as a PTY, CC or Trust or other business entity.
Give us a call on 087 222 7000 if you have any questions.
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