Fica Act
 

Financial Intelligence Centre Act

 
About Fica

Fica stands for Financial Intelligence Centre Act. The latest act (Act 38) was implemented in 2001 and is the most comprehensive legislation detailing money laundering controls in South Africa. Under this legislation Postbank must implement reasonable measures to identify our customers and so prevent criminals from using false or stolen identities. As such, when you open a banking account you need to supply documents that verify your identity and give proof of your residential address. The same applies to any individuals who may have signing powers on your account.

Please visit: http://www.fic.gov.za/Fica no 38 of 2001 Fica exemption 17 of 2004 for more information.

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