What Is FICA?
更新 17 7 月 2026
< 1 min read
FICA is the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). It is South Africa’s anti-money-laundering and counter-terrorism-financing law.
What FICA requires #
- Accountable institutions — such as banks and other financial services — must identify and verify their customers.
- They must keep records and report suspicious or unusual transactions to the Financial Intelligence Centre.
Customer due diligence #
The process of identifying and verifying a customer is called customer due diligence (CDD). It includes confirming identity, understanding the purpose of the relationship and, where the risk is higher, doing more.
Why FICA matters #
FICA helps prevent money laundering, terrorist financing and other financial crime by making it harder to act anonymously in the financial system.
This article is for general education and is not legal advice. Always confirm the latest requirements with the relevant regulator or your service provider.