What is FICA
FICA stands for Financial Intelligence Centre Act.
Financial institutions are required to undergo a Know Your Customer (KYC) process as part of the onboarding process. This KYC process includes the collection of FICA documents
6 Types of contracting parties
- Sole Proprietor/Partnership (registering in personal capacity/individual)
- Private Company/(Pty) Ltd (registration number ending /07)
- Closed Corporation/CC (registration number ending /23)
- Non-Profit Company/NPC (registration number ending /08)
- Non-Profit Organisation/NPO (registration number 000-000NPO)
- Trust (registration number IT 00/0000)
For a Peach merchant account, we will require the following documents before settlement can be processed, to satisfy our FICA mandate. Here is the list of documents we would need :
Sole Proprietor/Partnership (registering in personal capacity/individual)
A Sole Proprietor/Partnership is not regarded as a legal entity.
A Sole Proprietor would register and apply in their personal capacity. A partnership is between two or more persons who join together to carry a business.
There are no formalities required in order to set up a partnership, but in some cases, one could draw up a partnership agreement. They sometimes share a bank account as well - but is also not a requirement.
- Copy of ID
- Proof of Business Physical Address
Options (all less than 3 months old):
- Utility bill (Eskom/Municipal Rates/Telkom
- Lease or rental agreement/invoice
- Retail credit account (including cellphone account)
- Bank statement reflecting the address - Proof of Business Bank Account
Options (all less than 3 months old):
- banks statements OR a bank account confirmation letter from your bank
(reflecting bank account holder and account number) - Partnership Agreement (if applicable)
Private Company/(Pty) Ltd (registration number ending /07)
- Copies of IDs of Directors
- Proof of Business Physical Address
Options (all less than 3 months old):
- Utility bill (Eskom/Municipal Rates/Telkom
- Lease or rental agreement/invoice
- Retail credit account (including cellphone account)
- Bank statement reflecting the address - Proof of Business Bank Account
Options (all less than 3 months old):
- banks statements OR a bank account confirmation letter from your bank
(reflecting bank account holder and account number) - Company Registration Documents
- The Certificate of Incorporation (CM1) or (CoR14.3)
- Certificate to Commence Business (CM46) or (CoR14.3)
- A most recent version of the Contents of the Register of Directors, Auditors and Officers (CM29) or (CoR39)
Closed Corporation/CC (registration number ending /23)
- Copies of IDs of Members
- Proof of Business Physical Address
Options (all less than 3 months old):
- Utility bill (Eskom/Municipal Rates/Telkom
- Lease or rental agreement/invoice
- Retail credit account (including cellphone account)
- Bank statement reflecting the address - Proof of Business Bank Account
Options (all less than 3 months old):
- banks statements OR a bank account confirmation letter from your bank
(reflecting bank account holder and account number) - Company Registration Documents
- The most recent version of the Founding Statement and Certificate of Incorporation (CK1)
- Amended Founding Statement (CK2) if applicable
Non-Profit Company/NPC (registration number ending /08)
- Copies of IDs of Members/Trustees
- Proof of Business Physical Address
Options (all less than 3 months old):
- Utility bill (Eskom/Municipal Rates/Telkom
- Lease or rental agreement/invoice
- Retail credit account (including cellphone account)
- Bank statement reflecting the address - Proof of Business Bank Account
Options (all less than 3 months old):
- banks statements OR a bank account confirmation letter from your bank
(reflecting bank account holder and account number) - Company Registration Documents
- The Certificate of Incorporation (CM1) or (CoR14.3)
- Certificate to Commence Business (CM46) or (CoR14.3)
- A most recent version of the Contents of the Register of Directors, Auditors and Officers (CM29) or (CoR39)
Non-Profit Organisation/NPO (registration number 000-000NPO)
- Copies of IDs of Members/Trustees
- Proof of Business Physical Address
Options (all less than 3 months old):
- Utility bill (Eskom/Municipal Rates/Telkom
- Lease or rental agreement/invoice
- Retail credit account (including cellphone account)
- Bank statement reflecting the address - Proof of Business Bank Account
Options (all less than 3 months old):
- banks statements OR a bank account confirmation letter from your bank
(reflecting bank account holder and account number) - Company Registration Documents
- NPO Certificate
- Resolution (confirming persons who are authorised to establish a business relationship on behalf of the NPO.)
Trust (registration number IT 00/0000)
- Copies of IDs of Members/Trustees
- Proof of Business Physical Address
Options (all less than 3 months old):
- Utility bill (Eskom/Municipal Rates/Telkom
- Lease or rental agreement/invoice
- Retail credit account (including cellphone account)
- Bank statement reflecting the address - Proof of Business Bank Account
Options (all less than 3 months old):
- banks statements OR a bank account confirmation letter from your bank
(reflecting bank account holder and account number) - Company Registration Documents
- Trust Letter/Certificate
- Resolution (confirming persons who are authorised to establish a business relationship/enter into an agreement on behalf of the Trust.)