FICA stands for the Federal Insurance Contributions Act.
The aim of FICA is to establish and maintain an effective policy and compliance framework and operational capacity to oversee compliance and to provide high quality, timeous financial intelligence for use in the fight against white-collar crime, money laundering, and terror financing in South Africa.
FICA was established to ensure integrity and stability of its financial system, to develop economically, and ensure responsible and honest citizens.
What documents do you need from me for FICA purposes?
- Your green barcoded South African identity document or the new smart identity card.
- A document that reflects your residential address - the document must contain your name and physical address (PO Box numbers are not acceptable) or stand number and suburb. The following documents are acceptable as proof of residence:
- Utility bill, e.g. municipal water and lights account or property managing agent statement
- Bank statement on an official bank document or form
- Municipal councillor’s letter
- Tax certificate
- Recent active lease or rental agreement
- Municipal rates and taxes invoice not older than three months
- Account statement from a NCR (National Credit Regulator) registered service provider (NCR number must be visible/recorded on the document)
- Security service providers registered with PSIRA (Private Security Industry Regulatory Authority), e.g. Chubb, ADT (PSIRA number must be visible/recorded on the document)
- Telephone or cellular telephone statement
- Official SARS document (not eFiling documentation)
- Valid television license renewal letter
- Television license renewal/confirmation letter
- Subscription TV, e.g. MultiChoice statement
- Home loan statement from a financial institution
- Long/short term insurance policy documents a Financial Services Provider (FSB number must be visible/recorded on the document)
- Motor vehicle registration/license documents
- Body corporate/governing body letter or statement
- Official employer letter for employees residing on company/institution premises
- Official university/technikon/college or tertiary institution registration letter
- Affidavit to confirm address
- Medical aid statement or policy document (policy number must be visible on the document)
If you cannot provide your green barcoded ID or smart card due to the fact that it is lost, stolen, or not yet issued, acceptable alternatives are:
- Valid passport, which is also suitable for foreign nationals
- Valid driving license
- Valid birth certificate (for minors)
- A sworn affidavit or police statement and proof of reapplication for an ID from the Department of Home Affairs is required, as well as proof of your income.
I have submitted FICA documents before - why do I need to do this again?
If some of the FICA information and/or documentation that a business or financial institute have is illegible or incomplete you will have to resubmit your documents.
Keep in mind that FICA, its regulations, and its guidance notes are continuously under review, requirements change from time to time. Financial institutions like a bank are obligated to comply with this legislation, regulations and any changes thereof.