The Lowdown on FICA

The Financial Intelligence Act 38 of 2001 was implemented by government in order to prevent money laundering which is often carried out through identity fraud.

In line with this legislation, all banks are required to introduce strict rules for the opening of new accounts. This means that, for our banking partner to comply with the law, we need you to provide us with certain information. We also need to ensure that your personal information is updated regularly. We’ll keep this as simple as possible – promise!

There are two types of accounts:

1. Exemption 17 account

If you have an Exemption 17 account, there are certain restrictions:

  • No more than R5,000 worth of debit transactions per day, including ATM withdrawals
  • No more than R25,000 worth of debit transactions per month
  • You cannot have more than R25,000 in your account at any time
  • You can only use your card in South Africa (if you want to use your card outside of the country, you’ll need to upgrade to full FICA)
  • You cannot have more than one card account

Please note: if your transactions exceed these amounts, your transactions will go through but your card will be blocked the next day and you will be contacted by our agents. In accordance with banking laws, you will need to provide us with the necessary documents to convert to full FICA before your card can be unblocked.

2. Full FICA account

If we meet you face-to-face and you provide us with a copy of your ID and documentary proof of your residential address (not older than 3 months), you will have a ‘Full FICA’ account and you’ll have no restrictions on your card at all.

What is acceptable as ‘proof of where you live:

  • A recent utility bill (less than 3 months old), e.g. electricity or water, showing your name and your home address. A recent utility bill, telephone or cellular account that does not identify your home address will be accepted provided it shows your name as well as the erf/stand number of the property in which you live and the township.
  • A recent municipal rates/taxes invoice (less than 3 months old) showing your name and home address.
  • A recent bank statement or financial statement from another financial institution (less than 3 months old) showing your name and home address.
  • A current, fully signed lease agreement showing your name and home address.
  • A recent bond / mortgage statement (less than 3 months old) showing your name and home address.
  • A recent telephone or cellular account (less than 3 months old) showing your name and home address.
  • A recent SARS tax return / assessment (less than 12 months old) showing your name and home address.
  • A recent motor vehicle licence renewal notice (less than 12 months old) showing your name and home address.
  • A recent long-term (e.g. life insurance) or short-term (e.g. household or car insurance) insurance policy document (less than 12 months old) showing your name and home address.
  • A recent television licence (less than 12 months old) showing your name and home address.

If your name is not reflected on any of the above-mentioned documents, and you are not a tenant under a written lease, an affidavit from the owner of the residence in which you live will suffice provided the affidavit contains:

(i) The names, identity numbers, and residential addresses of both yourself and the signatory of the affidavit;

(ii) details of the owner’s relationship with you (e.g. a marriage certificate in the case of spouses); and

(iii) copies of the owner’s verification documents including identity document as well as documents verifying the owner’s home address.

Should you live in accommodation provided by your employer (e.g. a hostel), an affidavit signed by a director/member of your employer will suffice provided the affidavit includes:

(i) The names, identity numbers, and residential addresses of both yourself and the signatory of the affidavit;

(ii) relationship between yourself and the writer of the affidavit.

If you live on tribal land or in an informal settlement, and have a monthly income of less than R5,000, an affidavit from a tribal chief or landlord (where no written lease exists) will be accepted.