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