SatrixNOW FICA Documents

Financial Intelligence Centre Act (FICA) 38 of 2001 mandates financial institutions to verify the identity of clients. Satrix is obligated to comply with FICA regulations to ensure transparency, security, and prevent financial crimes like money laundering and tax evasion.

• Individuals: In most cases, no upfront documentation is needed because identity verification is conducted during registration. In rare cases, proof of identification or address may be requested where the information you have provided differs from the results of our automated verification process.

• Minors: A legal guardian with a FICA-verified SatrixNOW account must open the minor's account. Specific documents for minors are required, as outlined in the provided link.

• Corporate Bodies and Other Legal Persons: Various entities (e.g., companies, trusts, stokvels) require specific FICA documents listed in the respective links provided.

A minor cannot open a SatrixNOW account independently. The minor's parent or legal guardian must have a FICA-verified SatrixNOW account first, and can then open their child's account via the profile menu on the parent’s account following these steps:

• Select the 'Add Your Child's Account' option from the profile menu, accessed by clicking on the head and shoulders icon in the top right of the screen on mobile and desktop.

• Complete the four easy registration pages.

• Once complete, we will send a welcome email with the UserID (SatrixNOW account number) of the new minor account, but we will need a few hours (maximum 24) to electronically verify the details.

• A second email will be sent as soon as the account has been verified and is ready to use.

Acceptable documents for Proof of Address (choose one):

• Utility bill (water, electricity, rates)

• Bank statement or financial statement from a financial institution

• Signed lease agreement (less than 1 year old)

• Municipal rates and taxes invoice (less than 3 months old)

• Mortgage or home loan statement (less than 6 months old)

• Telephone account (landline or cell phone, less than 3 months old)

• Official tax return or tax assessment (less than 1 year old)

• Correspondence from SARS (less than 3 months old)

• Life insurance policy issued by an insurance company

• Correspondence from a corporate body or share-block association

• Valid TV license document

• Short-term insurance policy document or renewal letter (less than 1 year old)

• Retail account statement or invoice (less than 3 months old)

• Letter from administration department of residence (if living in hostel/barracks)

CDD measures ensure monitoring of investment activities and the accuracy of customer information required by the Financial Intelligence Centre Act (FICA). Flagged clients may be contacted periodically to verify the source of their invested funds. Should verification not be completed by a client who is contacted, a temporary hold will be placed on withdrawals until the required documentation is provided.

Clients will need to provide specified documentation to facilitate the updating of account information so that the temporary withdrawal holds can be lifted once verification is successful.

Satrix is committed to safeguarding the confidentiality and integrity of client information. As an authorised Financial Services Provider (FSP), compliance is mandated under the Protection of Personal Information Act (POPIA), 2013.

For any questions about FICA compliance and due diligence, contact us: fica@satrixnow.co.za.

Please email all required documents to newaccounts@satrixnow.co.za for verification. A welcome email with account details will be sent upon successful completion and verification. If any documents are incomplete or require adjustments, guidance will be provided.

Required Documents for Opening a Close Corporation (CC) Account on SatrixNOW:

1. Completed Forms:

   1. Online application form

   2. UBO (Ultimate Beneficial Ownership) form

   3. Members Resolution or Authority to Act form (on CC letterhead, signed by all members)

2. Legal Entity Documentation:

   1. Founding Statement and Certificate of Incorporation (CK1) or CIPRO Certificate

   2. Amended Founding Statement (CK2), if applicable, or CIPRO Certificate

   3. CKI or CIPRO Certificate

   4. Proof of physical company address (dated within the last three months)

   5. Proof of bank account of the CC:

   6. Bank statement (dated within the last three months) OR

   7. Official signed letter from the bank on its letterhead detailing the company bank account

3. Official Documentation:

   1. Copy of official SARS document displaying the CC name and Income Tax number

   2. Proof of VAT number (if applicable)

   3. Dividends Tax Exemption form (completed and signed by the Authorised User)

4. Documentation for Members and Authorised Persons:

   1. Proof of identification

   2. Proof of physical residential address (refer to related FAQ for acceptable documents)

   3. Full contact details of the authorised individual

Required Documents for Opening a Partnership Account on SatrixNOW:

1. Completed Forms:

   1. Online application form

   2. UBO (Ultimate Beneficial Ownership) form

   3. Partners Resolution/Authority to Act form (on partnership letterhead, signed by all partners)

2. Legal Entity Documentation:

   1. Copy of the partnership agreement

   2. Proof of physical company address (dated within the last three months)

   3. Proof of bank account of the partnership:

   4. Bank statement (dated within three months) OR

   5. Official signed letter from the bank on its letterhead detailing the partnership bank account

   6. Copy of official SARS document displaying the partnership name and Income Tax Number

   7. Registration certificate

   8. Dividends Tax Exemption form (completed and signed by the Authorised User)

3. Documentation for Partners and Authorised Persons:

   1. Proof of identification

   2. Proof of physical residential address (refer to related FAQ for acceptable documents)

   3. Full contact details of the authorised individual

Required Documents for Opening an Account for Listed and Unlisted Companies on SatrixNOW:

1. Completed Forms:

   1. Online application form

   2. UBO (Ultimate Beneficial Ownership) form

   3. Directors Resolution/Authority to Act form (on company letterhead, signed by all directors)

   4. Declaration of shareholding signed by the directors

2. Legal Entity Documentation:

   1. Certificate of Incorporation (CM1) or CIPRO Certificate/Memorandum of Incorporation CoR 15.1 or CIPC Certificate

   2. Notice of Registered Office and Postal Address (CM22) or CIPRO Certificate/Notice of Change of Registered Address CoR 21 or CIPC Certificate

   3. Register of Directors CM29 or CIPRO Certificate or Notice of Change of Company Directors CoR 39

3. Financial Documentation:

   1. Proof of physical company address (dated within the last three months)

   2. Proof of bank account of the company:

   3. Bank statement (dated within three months) OR

   4. Official signed letter from the bank on its letterhead detailing the company bank account

   5. Copy of official SARS document displaying the company name and Income Tax Number

   6. Proof of VAT number (if applicable)

   7. Dividends Tax Exemption form (completed and signed by the Authorised User)

4. Documentation for Principal Executive Officer, Authorised Persons, and Major Shareholders:

   1. Proof of identification

   2. Proof of physical residential address (refer to related FAQ for acceptable documents)

   3. Full contact details of the authorised individual

Required Documents for Opening an Account for Trusts on SatrixNOW:

1. Completed Forms:

   1. Online application form

   2. Trust ownership form

   3. Trustees Resolution/Authority to Act (listing all trustees and their details)

2. Legal Entity Documentation:

   1. Certified copy of the trust deed or founding document (e.g., will for a Testamentary/Will Trust)

   2. Certified copy of Letter of Authority from the Master of the High Court (for SA trust)

   3. For foreign trusts, an official document reflecting the name, number, and trustees

3. Documentation for Each Type of Involved Party (Founder, Trustee, Beneficiary):

   1. For Individuals:

      1. Certified copy of ID or passport

      2. Proof of residential address and contact details

   2. For South African Companies:

      1. Certified copies of CoR14.3 and CoR21.1

      2. Original or certified company letterhead reflecting its trade name

      3. Proof of physical address and contact particulars

   3. For Foreign Companies:

      1. Certified copies of official incorporation documents

      2. Contact particulars of the foreign company

   4. For Close Corporations:

      1. Certified copies of most recent CK1 and CK2

      2. Original or certified close corporation letterhead

      3. Proof of physical address and contact particulars

   5. For Other Legal Entities:

      1. Certified copy of the constitution or founding document

      2. Proof of address and contact particulars

   6. For Partnerships:

      1. Certified copy of the partnership agreement

      2. Contact particulars of the partnership

4. Documents for Deceased or Non-existent Founders or Trustees:

   1. Provide documentary proof (death certificate, deregistration certificate, liquidation order)

5. Banking Details:

   1. Proof of the Trust's bank account:

   2. Bank statement (dated within three months) OR

   3. Official signed letter from the bank on its letterhead detailing the Trust's bank account

6. Official Documentation:

   1. Copy of official SARS document displaying the Trust name and Income Tax Number

   2. Dividends Tax Exemption Form (completed and signed by the Authorised User)

Required Documents for Opening an Account for "Other Legal Persons" on SatrixNOW:

1. Completed Forms:

   1. Online application form

   2. Signed constitution or founding document of the entity

   3. Members Resolution or Authority to Act (signed by all members nominating a representative)

2. Legal Entity Documentation:

   1. Proof of registered or operating address of the entity (dated within 3 months)

   2. Proof of the entity's bank account:

   3. Bank statement (dated within three months) OR

   4. Official signed letter from the bank on its letterhead detailing the entity's bank account

3. Documentation for Persons Authorised to Act:

   1. Proof of identification

   2. Proof of physical residential address

   3. Full contact details of the authorised individual

Required Documents for Foreign Nationals Opening an Account on SatrixNOW:

1. For Citizens of Common Monetary Area Countries (e.g., Namibia, Lesotho, Swaziland):

   1. Certified foreign ID or valid foreign passport

   2. South African or foreign proof of address

   3. South African proof of bank or foreign bank account (e.g., Namibian Bank Account)

2. For Foreign Nationals Living and Working in South Africa:

   1. Certified copies of two different forms of identity documents (e.g., Passport, Driver's License, or ID)

   2. Certified Work Permit (Work or Critical Skills Permit is accepted)

   3. Letter confirming bank details or a copy of the bank statement (not older than three months) reflecting the registered Passport or ID number

   4. Proof of address not older than three months (reflecting your name and surname as per your ID documents)

   5. Proof of registration with SARS - IRP5 or another document proving you are a registered taxpayer in South Africa

3. Proof of Identification:

   1. Certified copies of two different forms of identity documentation (e.g., passport and driver's license)

4. Proof of Physical Residential Address:

   1. Certified copy of proof of address document (dated within last three months) reflecting name/initials and surname, physical address, or property descriptions

5. Proof of Bank Account:

   1. A bank statement (not older than three months) officially stamped by the bank or,

   2. An official letter from the bank, on a bank letterhead, listing account details and signed by the bank

Important:
Problems with Proof of Physical Address
If you are unable to provide a suitable "proof of address" document with your name, submit:

• Proof of Residential address reflecting the homeowner's details and signed confirmation of address form by the homeowner or

• For student accommodation, a confirmation letter from the educational institution or the residence, hostel, or boarding house, or the completed confirmation of address form signed by an educational institution representative.

While registering you will encounter a section asking you to identify if you are a Politically Exposed Person (PEP), a Prominent Influential Person (PIP) or a family member or known associate of such persons. For ease of reference, we’ve unpacked the definitions below.

DPEP (Domestic Politically Exposed Person)

A DPEP (Domestic Politically Exposed Person) is any individual who holds, including in an acting position for more than 6 months, or has held, a prominent public functions in South Africa including that of:

1. The President or Deputy President

2. A Government Minister or Deputy Minister

3. The Premier of a province

4. A Member of the Executive Council of a province

5. An Executive Mayor of a municipality

6. A leader of a political party

7. A member of a royal family or senior traditional leader

8. The Head Accounting Officer or Chief Financial Officer of a national or provincial department or government component

9. The Municipal Manager or a Chief Financial Officer of a municipality

10. The Chairperson of the controlling body, the Chief Executive Officer, or a natural person who is the accounting authority, the Chief Financial Officer or Chief Investment Officer of a public entity listed in schedule 2 or 3 to the Public Finance Management Act, 1999 (Act No. 1 of 1999)

11. The Chairperson of the controlling body, Chief Executive Officer, Chief Financial Officer or Chief Investment Officer of a municipal entity as defined in section 1 of the Local Government: Municipal

12. Systems Act, 2000 (Act No. 32 of 2000)

13. A Constitutional Court Judge or any other Judge

14. An Ambassador or High Commissioner or other senior representative of a foreign government based in the republic

15. An officer of the South African National Defence Force above the Rank of Major-General

16. Holds, including in an acting position for a period exceeding six months, or has held the position of head, or other executive directly accountable to that head, of an international organisation. An International organisation/ Institution is an organisation established by treaty or other type of instrument governed by international law. Examples of these are the United Nations, World Health Organisation, BRICS.

FPEP (Foreign Politically Exposed Person)

An FPEP (Foreign Politically Exposed Person) is any person who holds, or has held, any of the below prominent public roles/functions outside of South Africa, i.e. in any foreign country:

1. Head of State or Head of a country or government

2. Member of a foreign royal family

3. Government Minister or equivalent senior politician or leader of a political party

4. Senior judicial official

5. Senior executive of a state owned corporation

6. High-ranking member of the military

PIP (Prominent Influential Person)

A PIP (Prominent Influential Person) is any person who holds, or has held in the previous 12 months, the position of;

1. Chairperson of the board of directors/

2. chairperson of the audit committee,

3. Executive Officer or

4. Chief Financial Officer

of a company, if the company provides goods or services to an organ of state and the annual transactional value of the goods or services or both exceeds an amount determined by the Minister of Finance by notice in the Gazette. This would include companies having government contracts and tenders.