Financial Intelligence Center Act

Financial Intelligence Centre Act 38 of 2001 (FICA) and Exchange Control Regulations

The purpose of the Financial Intelligence Centre Act (38 of 2001) is to combat money laundering and the financing of terrorist and related activities. The Act imposes duties on financial institutions, which might be used for money laundering purposes and terrorist and related activities, to identify and verify the identity of customers (‘know your customers’), maintain records and report certain transactions.

In addition, Exchange Control Regulations impose obligations on South African residents and non-residents.

Therefore, when transacting with us, the Exchange Control Regulations and the Financial Intelligence Centre Act require you to provide to us:

  • Air ticket or proof of reservation
  • Passport and identity document
  • A recent third party document, not older than 3 months, showing your residential address, such as:
  • Cellphone account
  • Rates & taxes account
  • Electricity account
  • Bank statement

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Regulatory Requirements
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