Getting verified for FICA is sadly a step that cannot be bypassed at any point in time, and most, if not all sportsbooks will require you to supply FICA documentation before you are able to open up any sort of account.
Don’t stress though, most sportsbooks have made it incredibly easy to submit and verify your FICA status. Below are just some of the most frequently asked questions when it comes to getting FICA verified.
What is FICA?
FICA stands for the Financial Intelligence Centre Act, 38 of 2001 (FICA), it essentially came into effect in 2003 and was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. In other words FICA was designed to reveal the movement of moneys derived from unlawful activities, thereby curbing money laundering and other criminal activities.
How do I register for FICA?
For you to enjoy the protection that comes with FICA, it is important to ensure that you are FICA compliant. You would have witnessed that when ever you have tried to open up any type of account, whether it be with a bank, a retail store or even a mobile phone network, these companies will most definitely have asked for some sort of FICA documentation, this is essentially so that they can verify that you are in fact who you say you are. In order to become FICA compliant and you have not taken up an account with anyone all that you need to do is take your South African ID, and your proof of residence, like a municipal bill, that is less than three months old, to your nearest bank branch.
You should also make sure to update any of your information should it change such as your surname or home address. When it comes to providing FICA documentation to your bookie of choice, most bookmakers provide an email address or whatsapp line that you can send you FICA documents to directly.Some Bookies also have the option where you can hand your documents into one of the closest branches.
Do I need to be FICA compliant?
When you do not comply with FICA regulations, you stand the risk of exposing yourself to criminals who could potentially use your account to commit fraud. Should any criminal activity take place on your account, you could be locked out of your account, meaning you would have no access to your money. To fix this, you can take any relevant outstanding documents to your nearest bank. Becoming FICA compliant is free and therefore highly recommended for anyone living or working in South Africa.
How long does it take to become FICA compliant?
This is very much dependant on the turnaround times of the bookmaker you have sign up with, some can take a few hours, others as long as a day. Most of the time your account will be verified in latest 24hr from receipt of the required FICA documentation.
What documents do I need for FICA?
- Copy of ID document (SA Citizens)
- Passport (Foreign Nationals)
- Proof of residential address less than three months old (for example utility bill, store account statement, bank document with residential address, DSTV account, municipal letter)
- Should you not have proof of residential address in your name, you may provide a declaration by a third party confirming that you share a residential address with them and provide the third party’s proof of ID and proof of residential address (less than three months old).
- Copy of SARS document confirming income tax number
- Copy of bank document confirming individual banking details (less than three months old)