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 collection of FICA documents

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 :

  • Certified copy of all director's IDs (particularly directors with more than 25% ownership)
  • Certified copy of Proof of address 
  • Company registration Documents (CoR 14.3 and 15.1A)

Proof of Business Bank Account
3 months banks statements OR a bank account confirmation letter from your bank:

  • Not older than 3 months
  • Contains the bank account number
  • Is in the name of the legal entity

Proof of Address

This is the proof of address of the business. Options (all less than 3 months old):

  • A utility bill, such as water, electricity or rates
  • A bank statement or financial statement from a financial institution
  • A copy of a signed lease agreement
  • A municipal rates and taxes invoice
  • A telephone account, ie. Telkom
  • Correspondence from a body corporate or share–block association