Requirements for Fica

Transcription

1 Requirements for Fica Type of documentation requested There is NO difference between the type/s of documentation required for Fica purposes at New Business, at pay-out or any other stage. All the business units of Sanlam have to adhere to the same guidelines (list of acceptable/approved documentation) when requesting documentation for Fica purposes. Useful tips for identification documents We need a clear copy of the Identity Document (barcoded ID/Passport etc). The document must be valid (passport, temporary ID s, etc.) and reflect the person s full names or initials, surname, ID number and date of birth. All documents, except for birth certificates, must contain a verifiable photo of the person (the photo needs to be clearly visible, even though the document might be a photocopy). RSA citizens A natural person's Identity Document (ID) is the primary document to be used to verify the person's name, date of birth and identity number. Should the ID not be available, one of the following can be used: Passport Card format Driver's Licence Birth certificate (only to be used in the case of a minor who has not yet been issued with an ID) Foreign nationals One of the following can be used: Valid passport (preferred) Alternatively: Valid national or international driver's licence National Identity card Foreign nationals Residing in South Africa When you receive a request from a foreign national in South Africa, and Fica is applicable, you have to determine whether: The foreigner is legally in South Africa and is able to produce a passport, or The foreigner is a refugee or asylum seeker and unable to produce a passport. Once the above determination has been made, the following requirements must be met, before the transaction can be finalised: Foreigners with passports (legally in South Africa) Refugees/asylum seekers (those unable to produce a passport)

2 Valid Passport (preferred) or alternatively a valid national driver s licence/national identity card; and A valid reason for being in the country in the form of a valid work permit, business permit; and A utility bill/proof of residence Valid refugee/asylum certificate; and Utility bill/proof of residence Asylum Certificate You must, at all times, take special care to check the validity dates on all documentation to make sure that it is not expired. All documents must contain a clear and identifiable photo of the person. Remember - The client still has to provide proof of his residential address in addition to the documentation mentioned above. When is verification necessary for existing clients? Identification and verification is only required where the client transacts over and above the existing Fica exemption levels with regard to certain products, or where there is a loan against the policy or a partial/full cash withdrawal is negotiated within a certain time frame of inception. The process regarding these transactions has already been implemented. The Fica requirements are combined as follows: Documents required in terms of FICA identification and verification: Natural Persons ID of client and person acting on behalf of client. Acceptable proof of residential address document (from the list of options) Trusts Trust Deed Letters of Authority Resolution / power of attorney to authorise a natural person to act on behalf of the Trust ID of Founder IDs of all Trust Beneficiaries IDs of all Trustees Residential address & contact details of : o o All Trustees Natural person acting on behalf of Companies Certificate of Incorporation (CM1/COR15 & COR17) Notice of Registered Address(CM22/COR21) Natural person s authority to act on behalf of the Company (resolution/power of attorney/ mandate) Acceptable proof of premises address document (from the list of acceptable options) ID of Director / Manager & each natural person authorised to act on behalf of the Company. Residential address & contact Close Corporations (CC) Founding statement and Certificate of Incorporation (CK1) An amended founding statement (CK2) stamped by the Registrar of CC and signed by an authorised member / employee of the CC v When we receive the CK1 and we have knowledge that there is a CK2 as well, then both must be requested. v If we receive the CK1 but have no knowledge of the existence of a CK2, then only the CK1 will do. v If we receive the CK2, then we must request the CK1 as well.

3 the trust o All beneficiaries o Founder Documentary proof not required details of Manager/Director & authorised person to act on behalf of the Company. The tax numbers referred to in subregulation 7 (h) with documents issued by the South African Revenue Service bearing such numbers Natural person s authority to act on behalf of the CC (resolution/power of attorney/ mandate) Acceptable proof of premises address document (from the list of acceptable options) If this address differs from the CK document, we need an explanation for the difference. ID of each member of the CC & each natural person authorised to act on behalf of the CC Residential address & contact details each member & authorised person to act on behalf of the CC. Important note: Documents from Sanlam affiliates will not be accepted for the proof of residence. What is required at application stage by New Business? The type of intermediary (adviser or broker) determines whether complete FICA identification and verification documents or only Fica declaration (AEB2034) are required. Different types of documents are provided by: Advisers and certain independent brokers, and Corporate and Bank brokers. A Fica note displays on the BEM143/132 transaction of brokers to indicate if complete Fica documents or only a Fica declaration is required. Important No indication will display for advisers because advisers are in Sanlam s service and must always provide complete Fica identification and verification documents. It is the responsibility of the Sales Support Assistant (SSA) to arrange via DRA Brokers for the update these records if not correct. What does the declaration indicate? The AEB2034 declaration indicates that the client mentioned, as well as the person acting on behalf of the client (if applicable) were identified and verified their identities according to the requirements as set out in the Financial Intelligence Centre Act. The declaration also indicates that

4 the documents as required in terms of Fica will be recorded (kept on record) and will be made available on request to any party entitled thereto in terms of the Act. Extraction of the referred declaration: When will the SPF Client Contact Centre (CCC) request the identification and verification requirements? The client must be identified and verified in case of the following scenarios: appointment of beneficiary loan / partial or full cash withdrawal for a net amount of R5 000 or more within three years of inception date or when an outright cession occurs and the cessionary requests for a regular withdrawal to be placed within the first three years from the cession registration date, FICA applies. This must happen irrespective of the amount. Stratus plans only: When a client requests to add a regular withdrawal within three years from the inception date of a plan. This must happen irrespective of the amount. If the pay-out is a maturity claim, the Fica regulations will also be applicable if there is an outright cession and the pay-out takes place within three years of the cession date. If an AEB2034 declaration was submitted to Sanlam by a qualifying broker at application stage of the policy/plan, the CCC can still request the identification and verification documentation if necessary. This is based on the AEB2034 declaration that documentation should be available and supplied.

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