What is FICA?
Financial Intelligence Centre Act was introduced in 2021. It was designed and implemented to help prevent money laundering and helps to identify and verify who we are dealing with from a financial perspective.
Types of Legal Entities
We have 7 common types of contracting parties that we collect FICA when a merchant is onboarded through Peach.
1. Sole Proprietor/Partnership (registering in personal capacity/individual)
2. Private Company/(Pty) Ltd (registration number ending /07)
3. Personal Liability Company/Incorporation (registration number ending /21)
4. Closed Corporation/CC (registration number ending /23)
5. Non-Profit Company/NPC (registration number ending /08)
6. Non-Profit Organization/NPO (registration number 000-000NPO)
7. Trust (registration number IT 00/0000)
Required FICA Documentation per Entity
1. Sole Proprietor/Partnership (SP)
A Sole Proprietor/Partnership is not regarded as a legal entity.
A Sole Proprietor would register and apply in their personal capacity while a partnership is between two or more persons who join together to carry a business.
- Copy of IDs
- Proof of the Business's 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 Bank Account in the Individuals Name/s or Trading As Account. Options (all less than 3 months old):
Valid banks statements or a bank account confirmation letter from the bank (reflecting bank account holder and account number)
- Partnership Agreement (if applicable)
2. Private Company/(Pty) Ltd & Personal Liability Company/Incorporation
- Copies of IDs of Directors
- Proof of the Business's 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 in the name of the registered Business. Options (all less than 3 months old):
Valid banks statements or a bank account confirmation letter from the 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)
3. Closed Corporation/CC (registration number ending /23)
- Copies of IDs of Members
- Proof of the Business's 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 in the name of the registered Business. Options (all less than 3 months old):
Valid banks statements or a bank account confirmation letter from the 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
4. Non-Profit Company/NPC (registration number ending /08)
- Copies of IDs of Directors
- Proof of the Business's 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 in the name of the registered Business. Options (all less than 3 months old):
Valid banks statements or a bank account confirmation letter from the 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)
5. Non-Profit Organization/NPO (registration number 000-000NPO)
- Copies of IDs of Members
- Proof of the Business's 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 in the name of the registered Business. Options (all less than 3 months old):
Valid banks statements or a bank account confirmation letter from the bank (reflecting bank account holder and account number)
- Company Registration Documents
NPO Certificate
Resolution (confirming persons who are authorized to establish a business relationship on behalf of the NPO.)
6. Trust (registration number IT 00/0000)
- Copies of IDs of Directors
- Proof of the Business's 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 in the name of the registered Business. Options (all less than 3 months old):
Valid banks statements or a bank account confirmation letter from the bank (reflecting bank account holder and account number)
- Company Registration Documents
- Trust Letter/Certificate
- Resolution (confirming persons who are authorized to establish a business relationship/enter into an agreement on behalf of the Trust.)
Please note that FICA is required in order to settle the processed payments.