We’ve all grumbled about being endlessly FICA’d and RICA’d. “Waste of time,” we mutter as we wade through all the red tape yet again. Compliance certainly is a hassle, but don’t blame the bank, service provider or conveyancer who asks for it. They are legally obliged to ensure compliance, and so are you.
But FICA and RICA? Yes, in some instances (like applying for a cellphone contract) both will be necessary. That’s because FICA (the Financial Intelligence Centre Act) focuses on fighting money laundering, tax evasion, and terrorism funding by verifying your identity and scrutinising financial transactions. RICA (the Regulation of Interception of Communications Act) focuses on telecommunications, requiring SIM cards and internet connections to be linked to a verified owner. Neither is of course anywhere near foolproof in fighting crime, but they do help – to everyone’s benefit.