The Financial Intelligence Centre Act (38 of 2001) or ‘FICA’ was introduced to help fight financial crimes such as money laundering and the financing of terrorist activities.
The Act requires Yoco to identify persons correctly or, to ‘FICA’ the person, through verifying or obtaining proof of a person’s identity (i.e. your Identity Document or Passport).
To verify your identity, Yoco requires a clear photo of the bank account holder's Identity Document to be uploaded to your Business Portal, or if your card machine is being delivered to you via CCD Couriers, the courier will request your Identity Document on delivery for verification.
What is a suitable Identity Document?
The Identity Document submitted to Yoco can be either of the following documents:
- South African green bar-coded Identity book (ID book), OR
- South African Smart ID Card, OR
- South African Passport, OR
- Current valid foreign passport (if signing up with Yoco as a Company)
How to correctly submit your Identity Document
Important! If your card machine is being delivered to you by CCD Couriers, you will not be required to upload your Identity Document to your Business Portal, as the driver will require you to show them your original Identity Document in order to hand over the card machine.
How to Submit your Identity Document:
- Log in to your Business Portal
- Select 'Complete Setup' from the navigation menu on the left-hand side.
- Under CONFIRM IDENTITY, Select 'Scan or Upload ID'
There are two methods of submitting your Identity Document to Yoco, please find the option applicable to you below:
If your card machine is being delivered by CCD Couriers:
You'll know if your card machine is being delivered by CCD Couriers if a "Prepare your ID for delivery" message is displayed.
You will need to show the CCD courier your Identity Document so that they can take a picture of it, and submit it to Yoco on your behalf.
You do not need to upload anything unless you receive communication from Yoco saying otherwise. Your Identity Document will be submitted to Yoco by CCD couriers and should be verified within 2-3 Days. Look out for an email from Yoco letting you know your FICA has been approved, or with any next steps.
Your card machine was delivered/collected through other means:
If you are required to upload your Identity Document to your Business Portal, the "Upload your identity document" form will pop up.
- Complete the form, and select "Browse through your files to upload a document" to upload your Identity Document.
- Ensure your Identity Document upload is:
- a clear, colour photograph of your valid Identity Document in PNG, JPEG or PDF format
- a high quality, unobstructed, uncropped, and legible image
- an image that has the full document in frame
That's it! Look out for an email from Yoco letting you know your FICA has been approved, or with any next steps.
Have you added your bank details? We'll need this before we can activate payout. Click here to add your bank details.
What if I don't provide my FICA documents?
If we do not receive your Identity Document, Yoco will not be able to make payments into your bank account (you will not receive the funds that you have transacted). This is done for the protection of business owners, by ensuring that people are not transacting under false identities.