Capitec Bank, in accordance with the Financial Intelligence Centre Act (FICA), requires new clients to provide Know Your Customer (KYC) documents for FICA verification when opening an account. The standard requirements include a valid South African green barcoded ID or a valid passport for foreign nationals, as well as proof of residence (typically not older than three months) such as a utility bill or a formal letter from a landlord, local chief, or councillor[1].
However, Capitec has taken an innovative approach by making the onboarding process more accessible and affordable, notably by removing proof of address from their FICA customer due diligence requirements, in line with recent legislative amendments and risk-based approaches. This innovation has helped broaden financial inclusion without compromising regulatory integrity[5].
To update FICA information with Capitec, customers typically log in to the Capitec banking app and follow the prompts to submit or update their personal details, including providing a declaration of their residential address if requested. Accuracy and completion of documents are essential, as incomplete or false submissions may render an application invalid or non-compliant[2].
Capitec also leverages South Africa’s upgraded national online identity verification systems, performing digital checks against the Department of Home Affairs’ population database—a measure aimed at further curbing identity fraud and enhancing the customer verification process[6].
Recent administrative sanctions highlight the importance of robust FICA compliance. Capitec has faced fines for inadequacies in verifying client identities and addresses, among other deficiencies, underscoring the need for stringent adherence to FICA requirements regardless of procedural innovations[3][4].
References
- [1] Banks Requirements for FICA Verification
- [2] Capitec Proof of Address: Fill it online | airSlate SignNow
- [3] Capitec Bank fined R56.25 million by SARB for FIC Act non-compliance
- [4] SARB imposes administrative sanctions on Capitec Bank
- [5] Capitec holds true to its slogan “Its Banking Just Simpler” by removing proof of address
- [6] Capitec Supports Schreiber’s Push to Update SA ID Registry
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