Each card states the myth, then the actual position under the Act, the Regulations or the FIC’s own guidance — with the pinpoint source. Where a full guide exists, follow the link.
“FICA requires a green bar-coded ID book.”
The actual position
No ID format is prescribed. Smart ID cards, the old book, passports, driver’s licences and permits are all acceptable sources, as is electronic data. Even pre-2017, the “green bar-coded” gloss came from guidance describing Home Affairs practice, and alternatives were allowed.
“Proof of address not older than 3 months is a FICA requirement.”
The actual position
Address verification was a regulation only until 2 October 2017; the 3-month figure was never in the regulation at all — it was a “good practice” suggestion in 2005 guidance. Today an address is an optional supplementary attribute. If asked for, it is the institution’s RMCP choice.
“There is an official list of FICA documents.”
The actual position
There has been no statutory document list since 2 October 2017. Each institution’s Risk Management and Compliance Programme sets its own.
“Verification means the institution checks your ID with Home Affairs.”
The actual position
A Home Affairs database check is one encouraged method, not a mandate. Verification means corroborating identity information against any reliable, independent source — documentary or electronic.
“Someone must physically compare your face to the ID photo.”
The actual position
Not required by any provision. Photo comparison is a common RMCP method face-to-face; biometric or data-based corroboration is equally valid, and fully remote onboarding is lawful.
“For a company you need IDs and proof of address of all directors.”
The actual position
Directors as such need not be identified at all — only the person acting for the client, beneficial owners, and (as a last resort) senior management. Proof of address for directors appears nowhere.
“If a shareholder is a company, you must FICA its directors and shareholders, and theirs, forever.”
The actual position
You look through corporate layers, multiplying ownership percentages, to find the natural persons at the top; failing that, the client’s senior management. Layers supply structure information only — the chain is always finite.
“The 25% shareholder rule is in the Act.”
The actual position
No percentage appears in the Act or Regulations. 25% was guidance (2017–2025), removed in September 2025; the FIC now strongly recommends treating 5%+ as a controlling ownership interest.
“Once FICA’d at one bank, you’re FICA’d everywhere.”
The actual position
Each institution carries its own duty; nothing makes one institution’s customer due diligence binding on another. An RMCP may allow reliance on another institution’s CDD, but responsibility stays with the relying institution.
“My bank asking for documents again is unlawful harassment.”
The actual position
Ongoing due diligence is a statutory duty: information must be kept up to date, and CDD must be repeated when doubts arise. Frequency is set by the RMCP.
“POPIA lets me refuse to hand over FICA information.”
The actual position
Processing personal information to comply with FICA is lawful; the FIC says FICA provides the legal justification under POPIA. Refuse, and the institution must decline or end the relationship.
“The FIC will phone you and charge a fee to “release” funds.”
The actual position
Always a scam. The FIC never demands payments from the public and does not freeze ordinary accounts; report impersonation to scams@fic.gov.za.
Why so many myths?
Until 2 October 2017 the regulations really did prescribe documents — so a generation of checklists was built on them. When the prescriptive chapter was repealed and replaced with the risk-based approach, the checklists survived the rules they were based on. The Act was then amended again in December 2022, the FIC’s beneficial-ownership position changed in August 2024 (PCC 59), and the core guidance was rewritten in September 2025 — removing the famous 25% indicator entirely. Each wave left more out-of-date summaries behind. Every page in this hub states the position as at the date shown at the top, with the source cited.