FICA

Last updated: 21 July 2026

1. What FICA is

The Financial Intelligence Centre Act, 38 of 2001 ("FICA") exists to combat money laundering and the financing of terrorist and related activities. The Act describes its own purpose as follows:

"To establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist and related activities; to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith."

2. Our status as an accountable institution

Like every firm of attorneys in South Africa, Jaco Coetzee Attorneys is an accountable institution under FICA. The Act and its regulations impose strict obligations on us, and we comply with all of them. These obligations are not discretionary, and they apply to every client of the firm without exception.

3. What FICA requires of us

Our duties as an accountable institution include the following:

• establishing and verifying the identity of every client;
• keeping records of our business relationships and of the transactions we conclude;
• reporting cash receipts above the prescribed threshold to the Financial Intelligence Centre;
• reporting suspicious and unusual transactions to the Financial Intelligence Centre;
• maintaining and applying internal rules that give effect to these obligations;
• providing FICA training to our personnel; and
• appointing a compliance officer.

4. What we need from you

We ask for your co-operation in meeting these obligations. We understand that identifying and verifying a client is not always convenient, particularly where a matter is urgent. It is nevertheless a legal precondition: we are not permitted to establish a business relationship with you, or to conclude a single transaction on your behalf, until the prescribed identification and verification steps have been completed.

Where the required information and documents have not been provided, we may decline to accept an instruction until they are. This is not a matter of firm policy — it is what the Act requires of us.

5. How your information is handled

Information and documents supplied for FICA purposes are personal information, and are processed in accordance with our Privacy Policy and the Protection of Personal Information Act, 4 of 2013. They are retained for the periods prescribed by FICA and by the rules applicable to attorneys' records.

6. Questions

If you have any question about our client identification and verification process, or about your own obligations under FICA, please contact us at info@jcoetzeeatt.co.za.

See also our Privacy Policy, Disclaimer and Access to Information manual.