FICA and Reserve Bank Requirements
The foreign exchange industry of South Africa is regulated by the South African Reserve Bank under the Exchange Control Regulations of 1961
And as accountable institutions authorised dealers with limited authority must abide by the Financial Intelligence Centre Act 38 of 2001
To enable us to deal with clients, authorised dealers with limited authority must verify their client’s information including their clients Identity and residential address. Further to this the South African Reserve Bank under Exchange Control has laid out minimum requirements for both identification and documentary evidence based on the purpose of the transaction.
Below is a guide to what is required to transact based on the purpose of the transaction. This includes the acceptable types of identification, acceptable documents for proof of address and any additional documentary requirements.
Based on your residential status within the country the following is applicable