Find out about FICA, why you need to resupply us with information and what it means for you.
On 25 March 2015, the South African Banking Risk Information Centre (SABRIC) issued a statement asking all banking clients in South Africa to submit documentation for the Financial Intelligence Centre Act’s (FICA) purposes.
You may also have received an SMS, email or phonecall from us asking you to update your details at your nearest branch.
South Africa introduced FICA in 2001 to help fight financial crimes, the financing of terrorist activities, and to protect banking clients from fraud and other similar crimes.
According to FICA, banks must regularly test and make sure they have the right client information.
All Capitec Bank clients undergo a FICA identification process. However, you may get requests from us to update your identity and address details from time to time.
For example, you could get married, change jobs or move house. Often this information isn’t passed on to us. As a result, to make sure we have the right information for you, we may need to ask you to confirm and update your details.
When FICA was first introduced in 2001, there was uncertainty about how to apply it, with different institutions applying it in different ways.
Financial institutions and regulators worked together to make sure that FICA requirements were clear and consistent, including the documents needed, as well as how and when banking clients need to provide FICA verification.
Changes in the guidelines and improvements in banking technology since 2001 means documents which may have been acceptable a few years ago may no longer meet the new improved standards and new information is needed.
To allow transactions on an account where we don’t have the right FICA documents is against the FICA rules. As a result, we review all accounts regularly to make sure we have the necessary documents.
If we do not receive the FICA documents we need, as a last resort, your account can be frozen and you won’t be able to use it at all. This means no transactions will be allowed such as purchases, payments or debit orders. In the case of debit orders, if they don't get paid, it could affect your credit profile negatively.
By knowing our clients better, we can improve and provide better service to you. Risks to both our shareholders and banking clients are also reduced, and you can feel safe knowing that your bank follows the law, protecting your money.
If any of your FICA-related information changes, you must notify us of the change.
Visit your nearest branch with your valid identification document and original proof of residential address to update your details.
