FICA Amendment – some important changes to our forms and processes

By Nedgroup Investments

As of 2 April 2019, some important changes to the Financial intelligence Centre Act (FICA) become effective which will have a direct impact on certain processes across the financial services industry. The primary objectives of these changes are to: verify, screen and risk-rate clients.

New mandatory fields on our forms
To ensure that we have all information required by the FIC, we have added a number of additional mandatory fields on our forms. To avoid delays in processing, please ensure that all the information in the additional fields is filled before submitting an instruction.

Up-to-date FICA documentation
We also require up to date identification documentation for all clients. Please make sure that we have all relevant identification documents on file.

Digital channels
By making use of our paperless, digital onboarding you can bypass the manual form completion process altogether.  However, if you choose to complete manual forms, you can find the latest forms which are available on our website.

Bank details no longer on application forms
Furthermore, to comply with Public Compliance Communications guidance, we can no longer reflect our bank account details on our initial investment forms. Going forward, for EFT payments, once approved you (the investor) will receive an SMS from us which will reflect the relevant bank details to be used for their investment instruction.  You will then need to make payment into the bank account provided so that your instruction can be finalised.

Thank you for taking note of these changes. Your financial planner can also assist you if you have any questions about this.