How to sail through the Fica process
It can be tedious but the regulation is there for your protection. Here’s what you need to know
IF YOU enter into any kind of financial transaction – from cellphone contracts and clothing accounts to renting property or opening a bank account – you have to comply with the Financial Intelligence Centre Act (Fica). This means you have to supply certain documents reflecting your personal information. It sounds like a schlep, but the law exists for a good reason.
Fica was introduced in 2003 to combat financial crimes and corruption, and it brought South African law in line with similar legislation in other countries. All financial transactions now leave a paper trail that can be followed.