FICA meaning , documents requirements and FICA bonuses
FICA (Financial Intelligence Centre Act) explained
The Financial Intelligence Centre Act, 38 of 2001 (FICA), was written into law on 1 July 2003. Specifically the purpose of this act is to prevent financial crime, including terrorist financing, money laundering, tax evasion and corruption. Above all, FICA helps create complete transparency in the flow of money and bringing to light unlawful financial activities. FICA in South Africa is also in line with similar legislation in other leading world countries. It thus allows for the creation of a paper trail as it concerns monetary transactions, even on an international level.
FICA has since become a standard in the customer due diligence process as part of new customer onboarding. Also, maintenance through the continued due diligence process over the entire customer lifetime. As individuals our circumstances evolve on a continuous basis, so creating the need for ongoing due diligence. Hence for people operating within the law, FICA is simply an exchange of information to aid lawful business conduct.
What does FICA achieve and is it effective?
All in all FICA requires you to provide personal information identifying yourself. In addition, to fulfill the requirement of official documentary evidence serving as proof of the information supplied. FICA is therefore effective in that it aids various governmental law enforcement agencies to identify and prosecute criminals. It does so by effectively detecting criminal proceeds. Consequently you are thereby helping the government prevent crime through the supply of relevant information. In other words you essentially become a crime-fighting hero in your own right as part of this process.
What information are you expected to provide under FICA?
- Full name
- Date of birth
- Country of citizenship or nationality
- Identity number
- Current residential or physical address
- Contact details (verification not required)
- South African income tax registration number (verification not required)
What documentation is accepted under FICA?
You would not necessarily be expected to submit all of the following documents. Rather usually a combination of different documents as supporting evidence for different bits of related information as applicable. You may also be requested to provide additional documentation in case any questions remain unanswered.
- Usually only original documents as well as certified copies of such documents are accepted. Some business entities also offer electronic submission of documents.
- Government issued Identity Document, such as a green bar-coded ID (identification document) book. Or the new credit card style Smart Identity Card (also known as the Smart ID Card). Or a valid passport also. Some establishments will also accept a valid South African driver’s license.
- Proof of residential address, issued within the last three (3) months. For example a utility bill, including electricity, water, gas, telephone, internet, television, or a store account statement. Thus any physical statement from an officially registered services supplier sent by post to your home address.
- Bank document also showing your residential address.
- Municipal letter.
- Copy of SARS (South African Revenue Service) document also confirming your South African income tax registration number.
- In case you cannot prove your residential address, a third party’s declaration that you reside at their address. The third party’s proof of ID and residential address issued within the last three (3) months, must accompany such declaration.
- Copy of bank document confirming your banking details issued within the last three (3) months.
How long does the FICA process take?
This very much depends firstly on the business entity you are engaging with. It also helps being a little patient as it may take some time for your supplied documentation to be reviewed. For example some businesses commit to process FICA documentation within 30 minutes. Others could take as long as 24 hours for instance. Needless to say, if additional documentation is required however, the process could be delayed and might take slightly longer. Some sports betting operators will also award you with an incentive to complete FICA for your account.
At what point is FICA required?
As a matter of fact the FICA process has to be completed to allow consumer engagement with a business entity. Some businesses may prefer to handle the process at different stages of customer onboarding however. Consequently FICA checks are usually carried out immediately following account registration or alternatively before your first deposit. Although some bookmakers require you to complete the process only before withdrawing funds from your account.
What is my ongoing responsibility under FICA?
In particular ensuring to keep your contact information up to date and comply with relevant requests for information or documentation.
Did you know that some online betting sites offer a FICA bonus for completing this process?
Finally we have shortlisted some of the online betting sites that offer a bonus for you to complete the FICA process. Moreover for some of these, you do not even have to make a deposit to receive the bonus. Given these points, have a browse and start your betting journey with limited risk.