FICA (Financial Intelligence Centre Act)

What is FICA?

A law aimed at preventing money laundering and terrorist financing, requiring certain businesses to verify client identities.

Think of it like this…

A legal requirement to confirm a customer’s identity and proof of address before you can do certain transactions.

Why does it matter?

Legal requirement for financial and certain service sectors
Protects your business from criminal misuse
Non-compliance can lead to penalties or license loss

Best practice

Keep up-to-date, clear records of all client verification documents.