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FICA: What you need to know
Standard Bank Team
Super Contributor
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The South African Reserve Bank have put certain controls in place through the introduction of the Financial Intelligence Centre Act, No. 38 of 2001, better known as FICA to effectively fight money laundering and combating the financing of terrorism.

In terms of FICA, banks are required to verify customers’ details by collecting supporting document known as (KYC) documents. KYC documents normally consist of your green barcoded ID or the newly introduced Smart ID card as well as your proof of physical address.

New customers are required to produce these documents for a new application and existing customers may need their address details to be verified at all customer touch points.

How to verify your account:

If you are a new customer, you will need to supply your KYC documents i.e. your green barcoded ID or Smart ID card as well as an original copy of your proof of residential address that shows your physical address, not a post box - a utility bill such as municipal account statement, retail account statement, cellphone statement, provisional bank statement etc. is acceptable.

If you are an existing customer, we might call you from time-to-time to ensure that we have your latest up-to-date information. If you hold a number of accounts with Standard Bank, all your accounts need to be FICA compliant which includes being a related party on an account not in your name e.g. where you are a guardian on your child’s account or a director on a business account etc.

This means that all your accounts need to be validated with your KYC documents. If you do receive a notification from Standard Bank to verify your accounts, please visit your nearest branch with the required documents, so that we can update your details. Failure to submit your documents will result in restrictions being placed on your account and you will be unable to transact until your details are updated.

How do I check if my account is FICA-compliant?

You can visit any Standard Bank branch to check if your correct details are reflected on all your accounts. To save you time, it is advisable to take your KYC documents before proceeding to the branch.

What if I don’t have a postal address?

If you are sharing a house with your spouse, partner or living in a boarding house or commune, your landlord can submit written confirmation of your physical address. A co-habitant form that is available from Standard Bank must be signed and accompanied by a copy of the green barcoded ID. If a smart card ID is used we require copies of both sides of the smart card ID of your landlord.

What if I own a business account?

Business accounts require a different set of KYC documents. To check the KYC documents that you need to supply, click here.

If you have any queries or you would like to have more information, please do not hesitate to call our FICA desk on 0860 003 422 or click here.
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