FICA COMPLIANCE CHECKLIST
FICA KYC Checklist
Lawyers
Attorneys and legal practitioners are accountable institutions under FICA Schedule 1, Item 8 when performing specific high-risk services. Trust account management is a primary FICA risk area — all funds received into trust must be accompanied by verified client identity. This checklist covers CDD, trust account compliance, and the specific services that trigger FICA obligations.
STEP 1
Individual Client — Standard CDD
- Certified copy of SA ID or Smart ID card (FICA S.21(a))
- Proof of residential address — not older than 3 months
- Nature and purpose of the legal matter documented
- Source of funds declaration for trust account deposits
- PEP screening confirmation
STEP 2
Corporate Client — Standard CDD
- CIPC registration certificate
- Memorandum of Incorporation (MOI)
- Proof of registered business address
- List of directors and beneficial owners (5% threshold — FIC PCC 59)
- Certified ID documents for all beneficial owners
- Board resolution authorising the instruction signatory
STEP 3
FICA-Triggering Legal Services
- Buying or selling immovable property on behalf of a client
- Managing client money or assets (trust account)
- Organising contributions for company formation or management
- Buying or selling business entities or legal persons
- Acting as a nominee director or shareholder
STEP 4
Trust Account Compliance
- Client identity verified before receiving trust account funds
- Source of funds documented for all trust account receipts
- Trust account reconciliation records maintained
- Suspicious transactions reported to FIC via goAML (FICA S.29)
- Law Society / LSSA trust account inspection records on file
STEP 5
Record-Keeping
- KYC records retained for minimum 5 years after matter closes (FICA S.22)
- Cash Threshold Reports for cash transactions above R49 999 (FICA S.28)
- LSSA or provincial law society fidelity fund certificate on file
REGULATORY BASIS
Based on FICA 38 of 2001 (as amended), FIC Guidance Note 6, and FIC PCC 59 (August 2024). Verify at fic.gov.za.