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FICA
 

FI​​​​​​​​​CA

As an accountable institution, defined in section 1 of the Financial Intelligence Centre Act No. 38 Of 2001 (“FICA”), the Land and Agricultural Development Bank of South Africa (“the Land Bank”) is required to comply with the KYC (know-your-customer) requirements of FICA.

The Land Bank is required to:

  1. Establish and verify the identity of its clients;
  2. If the client is acting on behalf of another person, establish and verify the identity of that other person and the client’s authority to establish the business relationship or to conclude the transaction;
  3. If another person is acting on behalf of the client, establish and verify the identity of that other person and that other person’s authority to act on behalf of the client.

​​​​​​​The KYC requirements apply to all natural persons, juristic persons, partnerships and trusts. There is no exception to the application of the KYC requirements. All new and existing clients are required to comply.​