FICA Identification

Accepted FICA Documents and Checklist

The Financial Intelligence Centre Act (”FICA”) requires financial institutions, such as FBK Markets, to establish and verify clients' identities to combat money laundering and the financing of terrorism. The documentation as set out below is required by us in order to comply with the obligations set out in FICA. Please supply the following documents for your application.

Proof of Identity

As an FBK Markets client, you are able to trade before you submit any of your required documents, however it is mandatory that all documents are submitted upon any withdrawals.

Smart Card

The Smart Card is South Africa’s latest version of the ID document. They are a card like form of ID designed for convenience of the user.

The ID Document is simple in design and has many features similar to the Green Book idea.

  • Make sure all four corners of the document are clearly visible within frame.
  • The names on the ID Document must match the names that are stated on the profile and the date of birth must match accordingly as well.
  • The traditional green ID Book must at least have 2 stamps of the coat of arms.

Passport

An official document issued by a government, certifying the holder's identity and citizenship and entitling them to travel under its protection to and from foreign countries.

Standard passports contain the full name, photograph, place and date of birth, signature, and the expiration date of the passport. While passports are typically issued by national governments, certain subnational governments are authorised to issue passports to citizens residing within their borders.

  • Please make sure that the names on the passport match the names listed on the individual’s profile.
  • Please check the date of expiration as passports expire after 10 years so make sure that this is still within the validity date of the passport.
  • The date of birth must match the one on the profile.
  • The Passport must also have verification markers at the bottom that state the name and passport number and ID number at the end of the verification marker.

Proof of Bank Accounts

Proof of Banking is official communication from a verified and regulated banking institution that proves and advocates that a client is officially a client of that bank and has a valid account with them which will be used by our institution to transact with.

There are various forms of proof that a bank can provide you with to prove your relationship with them. These are namely a Bank Confirmation Letter or a Bank Statement that has an official bank stamp from the past 3 months of submission.

Bank statements include the account holder's name, address, account number, and bank branch details. It also contains a summary table showing the timeframe of the statement, opening and closing bank balance, any deposits made into the account, refunds, and any cash withdrawals.

Examples of Bank Statement and Bank confirmations are as follows:

The documents presented above are similar in nature because while they may come from different banks they all have identifying markers that are common to making the document valid. The clients name, bank account number and a valid bank stamp with a date on it. The Bank confirmation letter is also a letter issued by bank's conforming whether a person is a client with them or not they are also similar to bank statement and also work on the principle of proper names as they appear on the ID and a bank stamp and font or text that does not appear tampered with at all.

Proof of Residence

Proof of residence refers to a document that confirms where you live. The document must have your full name and address printed on it. According to the 2001 Financial Intelligence Act 38, FICA was established to mitigate financial crimes and to safeguard banking customers from these crimes. Banks are now required to keep accurate and up-to-date information about their customers. The information includes FICA proof of residence. There are specific documents that you can use as proof of residence South Africa.  

What counts as proof of address? For a document to be approved for use as evidence of residency, some conditions must be met. A document is valid if; It  is not older than three months (for monthly issued reports.) It must not be older than one year (for documents that are issued annually.) It must show the township name and your ERF number or physical address. Documents with a postal address only are not acceptable Electronic records are permitted on condition that there is proof of the sender and their complete address details are visible on the document(s.) In cases where the proof of residence FNB bears the name of a third party, you must complete a cohabitation declaration and submit other relevant documents.  

The declaration statement should contain your name, your residential address, contact of the deponent, identity number of both the client and the deponent, the relationship between the deponent and the client, and verification of the address of the client. 

What qualifies as proof of residence? You can use the following documents to prove your residency:

  • A utility bill, such as municipal water bill, lights bill, or a statement from your property managing agent Policy statement or medical aid statement (The policy number should be visible on the document) 
  • An affidavit that confirms address (this only applies for individuals)
  • A traffic fine statement issued by a Metro police station (E-toll statements are not allowed)
  • A letter from your municipal councillor 
  • Your tax certificate
  • A recent rental agreement or active lease 
  • An invoice of your municipal rates and taxes 
  • An account statement from a National Credit Regulator that is fully registered (The National Credit Regulator number should be clear.)
  • Security service providers registered with the Private Security Industry Regulatory Authority; the provider's number should be visible 
  • Your approved SARS document.
  • A valid letter or renewal for your television license Your license renewal or confirmation letter for your television.
  • A document showing your subscription television payment, such as your Multi-Choice statement. 
  • An official letter from an employer for an employee residing within the company or institution premises A formal registration letter from your college, university or technical college. 

These are examples of some the documents that can be received as proof of residence.

Utility Bill

This document shows the service provider being Overstrand and shows the names of our client in the top left corner as they appear on the client's profile and on their ID and has a listed residential address which coincides with the one they listed on their profile.

Affidavit

An affidavit usually has the most simplest formats. They start by stating the identity of the person under oath and secondly stating where this person resides or the community in which they reside and confirm that they are a member of that residence and then there are two signatures which are mainly from the person applying for the affidavit and the commissioner of oaths that is permitted to sign on their behalf. This document is formally made valid with a stamp of some sort usually containing a date that is within less than three months from when the affidavit was filled.

Letter from Municipal council

This document has the same legal principals as an affidavit but in this sense it is different as the commission of oaths is usually an elected government official whose name is being sworn upon.

Tax Certificate

Recent Rental Agreement

In terms of rental agreements. The full document must be uploaded that shows the final signatures of the landlord and tenant and make sure the names written on the document and the ones on the address match the names and addresses listed on the profile.