FICA, or the Financial Intelligence Centre Act, is a set of laws in South Africa aimed at preventing financial crimes like money laundering and terrorism financing. It requires financial institutions to verify your identity and monitor transactions for suspicious activity.
To FICA your Max card machine, you need to provide:
- South African ID or Foreign national documentation
- Proof of Banking
- Business Registration if you have a registered business.
- Confirmation Letter to confirm that you are a business representative.
This is a compulsory process that protects you, us and your customers from malicious transactions.