The Science Of ...

The science of FICA (and why you need to FICA this and FICA that)

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 FICA is outdated.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)

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
All you wanted to know about food trucks (without having to ask a foodie!)

All you wanted to know about food trucks (without having to ask a foodie!)

Food trucks are all the rage; foodies and hipsters alike have never had it this good. We interview two important industry players.

The science (and art) of making your own watch

The science (and art) of making your own watch

Kevin Lings, economist by day and watchmaker by night, discusses the art and science of making watches.

How South Africa can keep on producing enough food for everyone

How South Africa can keep on producing enough food for everyone

An expert discusses the challenges and opportunities the South African food system faces.

Secure that tender! Get that loan! A tool your business shouldn't do without…

Secure that tender! Get that loan! A tool your business shouldn't do without…

Struggling with tenders or finance? Enter OPENTENDERS; a social network for small businesses looking for, well, business…

The science of business translation (and why Google Translate just won’t cut it)

The science of business translation (and why Google Translate just won’t cut it)

We speak to Language Inc CEO Dr Nico Norjé about why there is still such a large market for the services his company provides.

How small firms are taking on the Goliaths of the hotel sector

How small firms are taking on the Goliaths of the hotel sector

How a tiny hotel group is successfully taking on its much larger rivals....

How do you manage talent? Here’s a tip; it can’t actually be done

How do you manage talent? Here’s a tip; it can’t actually be done

You can’t really manage talent (imagine managing Steve Jobs), but you can give them boundaries within which to flourish.

How groups such as Isis obtain funding for terrorism

How groups such as Isis obtain funding for terrorism

Bernard Hotz, Head of Business Crime and Forensics at Werksmans Attorneys, discusses the science of terrorism funding.

Popular articles
Michael Mol (SA’s hunkiest, most well-known doctor) bares his soul about money

Michael Mol (SA’s hunkiest, most well-known doctor) bares his soul about money

The Money Show’s Bruce Whitfield interviews Mol about his money beliefs, hopes and fears, successes and failures.

3 best JSE investments in these recessionary times (by Truffle Asset Management)

3 best JSE investments in these recessionary times (by Truffle Asset Management)

The Money Show’s Bruce Whitfield interviews Truffle Asset Management Portfolio Manager Jonathan Du Toit.

WC Liquor Traders say new booze laws will shut small township traders down

WC Liquor Traders say new booze laws will shut small township traders down

The organisation says they were not consulted before the regulations were passed.

"If the ANC splits now it will not come into power in 2019"

"If the ANC splits now it will not come into power in 2019"

Political analyst Lukhona Mnguni takes a look at the big ANC provincial meetings that took place ahead of the national conference.

More South Africans on social grants than those earning an income

More South Africans on social grants than those earning an income

According to SAIRR researcher Gerbrandt van Heerden the number of people receiving social grants has increased by 328% since 2001.

5 facts about the new SA number plates being implemented this year

5 facts about the new SA number plates being implemented this year

No official date has been set for the roll out of SA's new number plate legislation, but here's what you need to know so long.