FICA REQUIREMENTS FOR INDIVIDUALS

South African residents
The Financial Intelligence Centre Act 38 of 2001 (FICA) requires all banks to verify client information, including a client's identity and residential address.

Global Foreign Exchange must obtain the following information from a South African resident:

• full name(s),
• date of birth,
• identity number (if a South African citizen) or passport number and nationality (if a foreign citizen),
• residential address, and
• contact particulars.
For us to confirm your identity we require:
• your green bar-coded identity document or, should your ID be lost or stolen, a sworn affidavit or police statement, proof of your reapplication for an ID from Home Affairs, and
• your valid passport, or
• your valid card-type driver’s licence.

For us to verify your residential address you have to provide us with an approved document containing your name and physical address (PO Box numbers will not suffice), or stand number and suburb.

South African citizens resident overseas
The Financial Intelligence Centre Act 38 of 2001 (FICA) requires all banks to verify client information, including identity and residential addresses.

Global Foreign Exchange must obtain the following information from a South African citizen:

• full names,
• date of birth,
• identity number (if a South African citizen) or passport number and nationality (if a foreign citizen),
• residential address, and
• contact particulars.

For us to verify your identity you have to provide us with a certified copy of:

• your green bar-coded identity document, or
• should your ID be unavailable, your valid passport.

For us to verify your residential address you have to provide us with an approved document containing your name and physical address (PO Box numbers will not suffice).

Non-South African citizens (foreigners) resident overseas
The Financial Intelligence Centre Act 38 of 2001 (FICA) requires all banks to verify client information.

Global Foreign Exchange must obtain the following information from a non-South African citizen:

• full names,
• date of birth,
• passport number and nationality,
• residential address, and
• contact particulars.

For us to verify these details you have to provide us with a certified copy of your valid passport together with your physical address and contact details.

Individuals acting on behalf of another individual
The Financial Intelligence Centre Act 38 of 2001 (FICA) requires all banks to verify client information.

Global Foreign Exchange must obtain the following information for both the client and the individual authorised to act on the client’s behalf:

• full names,
• date of birth,
• green bar-code ID (SA citizens/Residents) or
• passport number and nationality (non-SA Residents),
• residential address, and
• contact particulars.

For us to confirm their identities we require the following from SA residents:

• The green bar-coded identity document or, should it be lost or stolen, a sworn affidavit or police statement, accompanied by proof of reapplication for an ID from Home Affairs, and:
• a valid passport, or
• a valid card-type driver’s licence.

For non-SA residents, the following is required:

• a valid passport.
  For us to verify these details you have to provide us with a certified copy of your valid passport together with your physical address and contact details.

Proof of an individual’s authority to act on behalf of a minor must be obtained by means of one of the following:

• a document issued by a local, provincial or national government recognising such authority, or
• a document issued by a court declaring or confirming such authority, and
• the birth certificate or identity document of such minor

Proof of an individual’s authority to act on behalf of the accountholder must be obtained by means of one of the following:

• a letter of appointment, or
• a power of attorney (if a document other than the bank’s form is presented, authority must be verified and the document must be checked by Legal), or
• a mandate, or
• a written instruction, or
• a resolution duly executed by authorised signatories, or
• a court order authorising the third party to conduct business on behalf of another person.

In all instances other than a court order the written instruction should contain the contact particulars of the person/entity authorising the individual to establish the relationship with Global Foreign Exchange.

REGULATORY REQUIREMENTS

Financial Intelligence Centre Act
The Financial Intelligence Centre Act, 2001, sets up a regulatory anti-money laundering regime which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. By doing this the Act aims to maintain the integrity of the financial system. Apart from the regulatory regime the Act also creates the Financial Intelligence Centre.

The regulatory regime of the Financial Intelligence Centre Act imposes 'know your client', record-keeping and reporting obligations on accountable institutions. It also requires accountable institutions to develop and implement internal rules to facilitate compliance with these obligations.

The Financial Intelligence Centre Act is the result of 5 years of investigation and development. It complements and works with the Prevention of Organised Crime Act, 1998 which contains the substantive money laundering offences.

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

• Travel ticket or Itinerary
• Passport
• Proof of residential address
• Bar coded South African Identity Document