FICA Compliance Disclaimer

Last Updated: 12/03/2025

As a Financial Services Provider (FSP), we are legally required to comply with the Financial Intelligence Centre Act (FICA), 2001 (Act 38 of 2001), as amended, which aims to prevent money laundering, terrorist financing, and other financial crimes in South Africa.

By engaging with our services, you acknowledge and accept our obligations under FICA, including customer verification, transaction monitoring, and reporting of suspicious activities to the relevant authorities.
 

1. Customer Identification & Verification (KYC)

We are required to verify the identity of all customers before providing financial services. Customers must provide valid identification documents, such as a South African ID, passport, or proof of address, in line with our Know Your Customer (KYC) procedures.
 

2. Customer Due Diligence (CDD) & Risk Assessment

We conduct Customer Due Diligence (CDD) on all customers to assess risk levels and prevent financial crime. Enhanced Due Diligence (EDD) is applied to high-risk individuals, Politically Exposed Persons (PEPs), and foreign entities.
 

3. Record-Keeping

Under FICA regulations, we are required to retain customer records and transaction details for a minimum of five (5) years after the end of the business relationship. These records are securely stored and may be provided to regulatory authorities if legally required.
 

4. Reporting of Suspicious Transactions

We are legally obligated to report any suspicious or unusual transactions to the Financial Intelligence Centre (FIC), including:

• Transactions that appear inconsistent with a customer’s profile.

• Large or unexplained cash deposits or withdrawals.

• Transactions potentially linked to money laundering or terrorist financing.

Additionally, all cash transactions exceeding R49,999 are reported to the FIC within two (2) business days.
 

5. Compliance & Risk Management

We have a Risk Management and Compliance Programme (RMCP) in place, in accordance with FICA requirements. A dedicated Compliance Officer oversees compliance and ensures that regulatory obligations are met.
 

6. Staff Training & Awareness

Our employees receive regular training on FICA compliance, enabling them to identify, prevent, and report suspicious activities.
 

7. Confidentiality & Legal Obligations

All customer information is handled with strict confidentiality, except where disclosure is required by law. Under Section 38 of FICA, employees are prohibited from informing customers if a Suspicious Transaction Report (STR) has been submitted to authorities (tipping off is illegal).
 

8. Regulatory Cooperation

We fully cooperate with the Financial Intelligence Centre (FIC), the South African Reserve Bank (SARB), and other regulatory bodies to uphold financial security and prevent financial crimes.
 

9. Acceptance of Terms

By using our services, you acknowledge and agree to our FICA compliance obligations. Failure to provide the required information may
result in the restriction or termination of services.
 

For further details, please contact our Compliance Team