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Laws : FICA

FICA is not what you say to the Department of Home Affairs when they cannot find your Identity Documents!

FICA is the Financial Intelligence Centre Act 38 of 2001. FICA is designed to reduce money laundering. So what does FICA have to do with moving?

Identity Validation
FICA requires that companies who offer services around the transfer of money or assets (banks, insurance, conveyancers, estate agents, etc) have to validate your identity AND your physical address. Companies have to keep a record of how they validated your identity.

Proof of Residence
Your physical address can be established with a Proof of Residence. Typically a proof of residence is a utility account e.g. rates, land line, electricity. Alternatively a letter from your transferring attorney or your landlord or as a last resort a copy of a lease agreement will keep everyone happy.

So if one of your service providers contacts you asking for more documents be polite they are only protecting you and complying with legislation.

If a service provider wants you to fill in their specific Change of Address Form tell them to get lost - they already have the information, they just need to capture it into their system.

Read the FICA Act if you are really bored...


 



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