What this page covers
Every licensed South African financial institution has to know who its clients are before it can transact with them. FICA sets what that means in practice, and it is why account opening asks for what it does.
| Document | Accepted | Age limit |
|---|---|---|
| Identity | South African ID, smart card or passport | Current |
| Proof of address | Utility bill, bank statement, lease, municipal account | Three months |
| Tax number | SARS notice or eFiling confirmation | Current |
| Bank account proof | Stamped statement or bank confirmation letter | Three months |
| Source of funds | Payslip, statements, sale agreement | Risk dependent |
| For a company | CIPC documents, directors' IDs, shareholding | Current |
| Client risk | What is required |
|---|---|
| Standard | Identity and address verification |
| Higher risk | Source of funds and enhanced monitoring |
| Politically exposed person | Senior management approval and source of wealth |
| Foreign client | Additional verification of residence and source |
| Ongoing | Records refreshed periodically, not once at onboarding |
| Report | Trigger | To |
|---|---|---|
| Cash threshold report | Cash of R49,999.99 or more | Financial Intelligence Centre |
| Suspicious transaction report | Any suspicion, no threshold | Financial Intelligence Centre |
| Terrorist property report | Property linked to a listed person | Financial Intelligence Centre |
| International funds transfer report | Cross-border transfers above the threshold | Financial Intelligence Centre |
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Every table on this page as a spreadsheet, with the source and the date it was checked in the header rows.
⬇ Download CSVHow these figures work
The figures on this page come from the body that publishes them and change on a schedule rather than continuously, which is what makes them worth keeping in one place. A broker that opens an account without verification is not being helpful, it is breaking the law. An onboarding process that asks for nothing is a warning sign, not a convenience.
You are never told when a suspicious transaction report is filed about you. Tipping off a client is itself an offence.
★ What this means in practice
Verification is ongoing rather than a one-off. A broker asking for a fresh proof of address after three years is complying, not obstructing.
✕ Common mistakes
- A broker that opens an account without verification is not being helpful. A broker that opens an account without verification is not being helpful, it is breaking the law. An onboarding process that asks for nothing is a warning sign, not a convenience.
- You are never told when a suspicious transaction report is filed about y. You are never told when a suspicious transaction report is filed about you. Tipping off a client is itself an offence.
- Verification is ongoing rather than a one-off. Verification is ongoing rather than a one-off. A broker asking for a fresh proof of address after three years is complying, not obstructing.
- Taking a figure without its date. A number from a reference page is only as good as when it was last checked, which is why the date sits at the top of this one.
Notes on reading these figures
- A broker that opens an account without verification is not being helpful, it is breaking the law. An onboarding process that asks for nothing is a warning sign, not a convenience.
- You are never told when a suspicious transaction report is filed about you. Tipping off a client is itself an offence.
- Verification is ongoing rather than a one-off. A broker asking for a fresh proof of address after three years is complying, not obstructing.
To put these figures to work, The How to Verify an FSP Licence runs the arithmetic on your own numbers; Documents to open a trading account covers the same ground in ordinary language; FSCA FSP Licence Categories goes into the detail this table only summarises; Crypto Asset Regulation is the related figure worth reading beside it; and POPIA for Financial Services covers what this page leaves out.
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Frequently asked questions
Why does a broker need proof of address?
FICA requires verification of both identity and residential address before an account can transact.
How old can my proof of address be?
Generally no more than three months.
Will I be told if a suspicious transaction report is filed?
No. Tipping off a client is itself an offence under FICA.
What is the cash reporting threshold?
R49,999.99. Cash transactions at or above that must be reported to the Financial Intelligence Centre.
Is a broker that asks for nothing being efficient?
No, it is breaking the law. An onboarding process with no verification is a warning sign.
Why does a broker re-ask for documents after years?
Verification is ongoing rather than a one-off. Refreshing records is compliance, not obstruction.