F
Legal
FICA Compliance
Banks and lenders have to verify you're actually you (and not some fraud) before they give you credit. FICA is the law that says they have to check your ID, confirm your address with something recent like a utility bill, and make sure you're not on any sanctions list. It's annoying but it's supposed to stop money laundering.
Usage Examples
"Capitec asked Sipho for his smart ID and a utility bill that was less than three months old. Three-minute process, then they processed his loan."
"Nomsa's proof of address was an old bank statement from four months back. Lender rejected it — FICA says it has to be recent. She got a new one from FNB and sorted it out."
"The estate agent couldn't finalize the property sale until both buyer and seller did FICA checks with certified ID and fresh proof of address. Lekker annoying but non-negotiable."