FICA stands for the Financial Intelligence Centre Act of 2001. Legally, bookmakers are required to verify the identity and residential/physical address of their clients for any transaction of R25000 or more. This is required by government in order to prevent money laundering and fraud, and to protect you, the consumer, against identity theft. The information you use to FICA yourself will be kept confidential. To apply for a betting account or for cash transactions of R25000 or more, you will need to comply with FICA regulations.
The following steps are required for FICA:
Acceptable Proof of Residence Documents:
Below is a list of documents you can use to prove your address. These must show your residential address and not a PO Box or Private Bag number:
You can use electronic documents to prove your address, provided that the company’s name and registration number are reflected. You cannot use a payslip to prove your address, only your income. This is because payslips don’t usually show your residential address and they are not normally posted. Retail accounts, from stores such as Foschini or Edgars, can’t be used to prove your address either.
When do you need an affidavit?
An affidavit is a certified letter from someone living at the same address as you or from someone who can vouch that you live at that address including your landlord, your employer, the head of the university res or your spouse, if the property is in the name of your husband or wife. The letter must be stamped by a commissioner of oaths to certify it. FICA requires that all documents are either originals or certified copies of the original. Policemen are commissioner of oaths, so you can visit any police station to have your documents stamped and certified. Below are some examples.
The university student:
Johnny is a student who has recently moved into a university residence. He doesn’t have a TV license, has a prepaid cellphone, doesn’t file a tax return and has no utility bills. Johnny will probably have a bank account, so he will be able to use his bank statements to prove his residential address. He can also use a certified letter from his parents if he lives at home, or from his university residence. If Johnny is under 21, his parent or legal guardian will also need to be FICA’ed.
The live-in partner:
James has moved in with his girlfriend, and all the utility bills – rates, electricity, water, telephone, etc – are in her name. So how is he to FICA himself? He can use his cellphone statements or his SARS correspondence for FICA purposes. If these documents are sent to a PO Box they cannot be used. He should then ask his girlfriend for a certified letter explaining that they live together, and include a utility bill in her name that shows the residential address.
The young professional:
Richard is renting a cottage but all his post is sent to his parent’s address. He can use his lease agreement to FICA himself. If he was subletting, he could use his flat mate’s lease agreement together with a letter from the flat mate explaining the situation. He could also ask his landlord for a letter verifying that he lives in the cottage.
The stolen ID:
Maria’s handbag was stolen while she was dining at a restaurant, so she has no ID book or driver’s license to prove her identity. Maria has to report the theft to the police, and get a signed affidavit confirming that her ID book and driver’s license were stolen. She can use a passport or a temporary ID in the meantime.
The property investor:
Joseph owns a property which is registered in the name of his close corporation (CC) and he needs to FICA himself to buy another property in the CC. Joseph needs to show that he is the owner of the CC and thus, indirectly, of the property. He can use a copy of the mortgage agreement and an affidavit explaining that he owns the CC.
In order to successfully FICA, you will need to provide Playa with a copy of either your ID document, Passport, or Driver’s License. Additionally you will need to supply us with a proof of address no older than 3 months (utility bill, lease/rental agreement, bank profile statement) reflecting your home address. For a full list of documents, please email [email protected]
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Once completing the signup registration form, please email your FICA documents to [email protected]