The Financial Intelligence Centre Act 38 of 2001 (FICA) came into effect on 1 July 2003.
FICA was introduced to fight financial crimes such as money laundering, tax evasion and terrorist financing activities.
It’s because of FICA that you need your green barcoded South African identity document and proof of address to do anything financial such as opening a bank account or getting insurance.
We interviewed David Thomas, Co-founder of identification and verification company ThisIsMe, about the science of FICA and what his business does.
Scroll down to listen to the audio for more detail.
The world is moving away from a paper-based verification process. FICA is outdated. The Financial Intelligence Centre is aware of this.— David Thomas (ThisIsMe)