FICA verification is the customer due diligence that banks and other accountable institutions must carry out under the Financial Intelligence Centre Act 38 of 2001. It is why a bank asks for your ID and proof of address when you open an account, and why it may ask you to confirm your details again later.
The Financial Intelligence Centre’s Guidance Note 7A (revised September 2025) explains a risk-based approach: where money-laundering and terrorist-financing risks are assessed as lower, simplified measures may be applied. That is why two customers opening the same account can be asked for different documents, and why each bank publishes its own list.
Business Requirements at a Glance
At minimum an accountable institution must establish and verify who you are and understand the business relationship. Expect to be asked for:
- Proof of identity, such as a green bar-coded ID or smart ID card.
- Proof of residential address.
- The expected source and origin of the funds you will use in the relationship.
- For a business, the entity’s registration documents and details of the people who own or control it.
- Updated details over time, because due diligence is ongoing.
Registration and Legal Requirements
Section 21A of the Act requires institutions to obtain information on the expected source of funds and the nature of the business relationship. Section 21B requires them to establish the nature of a legal person’s business, its ownership and control structure and its beneficial ownership, and to take reasonable steps to verify the identity of the beneficial owners.
Institutions document the level of due diligence they apply in their own risk management and compliance programme. Staff apply that programme, which is why requirements differ between customers and between banks.
In October 2025 the Financial Action Task Force removed South Africa from its grey list, as the Financial Intelligence Centre announced on 24 October 2025. Banks still apply the Act, so you should still expect verification requests.
Documents and Ownership Information Required
Each bank sets its own list. As an example, FNB’s KYC requirements guide is an abbreviated guide, and it lists the following.
Identity
- Your green bar-coded ID document or smart card ID if you are a citizen of, or live in, South Africa.
- Otherwise, a letter explaining why you do not have one, together with your passport or a valid South African driver’s licence.
Proof of address
- A utility bill, municipal rates invoice or bank statement, each no older than three months.
- A lease agreement, no older than twelve months.
- If the address is not in your name, an affidavit by a person living at the same premises confirming your name, residential address, ID number and your relationship to them.
Companies
- A CIPC Certificate of Confirmation or a registration certificate (CoR14.3), or the equivalent CoR18(3) or CoR14.1.
- The memorandum of incorporation where applicable.
- Proof of the operating address, which must be a physical address and not a box number.
- A mandate validated by minutes or a resolution signed by all directors.
- A letter confirming the holders of 25% or more of the voting rights.
Other banks may ask for different documents, so check with your own bank before you go.
Tax, Licence and Compliance Requirements
There is no licence to obtain for FICA verification. The compliance points are keeping your information current and responding when asked.
Institutions must keep records of a business relationship for at least five years from the date it ends, and transaction records for at least five years from the transaction.
Nedbank, for example, says it is obliged by law to restrict an account if details are not updated, and that the restriction is lifted within 48 hours after you update them. See Nedbank’s FICA update page.
CIPC also runs a beneficial ownership process for companies. Read the CIPC beneficial ownership page for what a company must file.
Process, Deadlines and Ongoing Obligations
Ongoing due diligence means the bank keeps validating and updating your information for as long as you are a client. There is no single deadline, so reply when your bank asks.
- Take your original ID, not only a copy.
- Ask your bank which proof of address it accepts before you go.
- If the address document is not in your name, bring the affidavit described above.
- For a business, bring the registration documents, the mandate and the details of everyone who owns 25% or more of the voting rights, if your bank asks for them.
- Respond promptly to update requests so the account is not restricted.
Frequently Asked Questions
Why do requirements differ between customers?
Institutions apply a risk-based approach. Where the assessed risk is lower, simplified measures may be applied, so one customer can be asked for less than another.
What are the FICA verification documents?
Usually an ID and proof of address, plus company documents for a business. FNB, for instance, accepts a green bar-coded ID or smart ID card and a utility bill, rates invoice or bank statement from the last three months. Lists differ by bank.
What if I have no proof of address in my name?
FNB accepts an affidavit by a person living at the same premises confirming your name, address, ID number and relationship. Ask your own bank whether it accepts the same.
What does Nedbank FICA verification involve?
Nedbank asks clients to update or validate details including contact details, employment details, source of funds, occupation and nationality. If you do not update them, Nedbank must restrict the account, and the restriction is lifted within 48 hours after you update.
Why am I being asked to verify again?
Because due diligence is ongoing. Banks must keep client information current for as long as you are a client.
What is beneficial ownership?
The natural persons who ultimately own or control a legal person. Institutions must take reasonable steps to verify their identities.
Requirements, accepted documents and update processes are set by the Act and by each institution’s programme, and they change. Confirm what your bank needs, and see business and compliance requirements and company registration requirements.