Financial Intelligence Centre Act No. 38 of 2001 (FICA)
What it entails and the importance thereof
FICA is an anti-money laundering legislation which aims to stop money laundering and to identify and prosecute all parties involved in such activities.
Its very important to obtain certified copies of all FICA documents required for individuals, companies, close corporations and/or trusts, such as identity documents, company / close corporation / trust documents, proof of residence, SARS tax number and banking account details.
Failure to comply with the Financial Intelligence Centre Act is a criminal offence and the punishment can range from imprisonment for a period not exceeding 5 years, to a fine of up to R10 million or any administrative sanctions that the FICA Intelligence Centre impose.
Documents needed for individual parties
- Identity document (green bar coded or smart card ID)
- Marriage certificate (if applicable) – All marriage regimes will have a certificate if registered
- Antenuptial contract (if applicable) – If parties are married out of community of property
- Proof of residence showing his/her physical address (not older than 3 months) – i.e. rates account, insurance policy, cellphone account, body corporate account or bank statement etc.
- Tax number
- Divorce order and settlement agreement (if applicable)
- From the seller: latest body corporate statement and rates account from council for the property sold
Documents needed for close corporations
- CK1 or CK2 document (CIPC registration document)
- Resolution signed by all members of CC appointing one person to sign on behalf of the CC
- Contact details of accounting officer
- Identity document of each member
- Proof of residence for each member showing his/her physical address (not older than 3 months) – i.e. rates account, insurance policy, cellphone account, body corporate account or bank statement etc.
Documents needed for companies
New Company
- CoR 14.3 Registration Certificate
- CoR 15.1A Memorandum of Incorporation
- CoR 14.1 Annex A or CoR 39 – directors
- CoR 14.1 Annex D or CoR 44 – auditors
Old Company
- CM44 Articles
- CM46 Certificate of Commence Business
- CM1 Certificate of Incorporation
- CM2 Memorandum
New and Old Companies
- CM29 Register of Directors, Auditors, Officers
- Resolution signed by all directors of company appointing one person to sign on behalf of the company
- Contact details of auditor
- Identity document of each director
- Proof of residence for each director showing his/her physical address (not older than 3 months) – i.e. rates account, insurance policy, cellphone account, body corporate account or bank statement etc.
Documents needed for trusts
- Deed of Trust
- Letter of Authority
- Resolution signed by all trustees appointing one person to sign on behalf of the trust
- Contact details of auditor
- Identity document for each trustee
- Proof of residence for each trustee showing his/her physical address (not older than 3 months) – i.e. rates account, insurance policy, cellphone account, body corporate account or bank statement etc.
Documents needed for deceased estates
- Letter of Executorship
- Copy of the will
- Executor’s name
- Executor’s contact details
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