Overview
Mesh requires every customer to be verified in accordance with the Anti-Money Laundering and Anti-Terrorism Financing regulations as implemented world-wide and per jurisdiction.
The regulations generally contain a number of control measures aimed at facilitating the detection and investigation of money laundering and terrorist financing and imposes specific responsibilities on financial institutions that relate to commencing a business relationship with a customer as well as maintaining it during the lifecycle of the business relationship with them.
This includes the requirement to “Know Your Customer” (KYC), requiring Mesh to establish and verify the identity of all customers prior to establishing a business relationship or concluding a transaction with them.
All information submitted is governed by the relevant privacy regulations per jurisdiction including the General Data Protection Regulations (GDPR) or whichever is more stringent.
The following documents are required to verify your company:
Sole proprietorships
The KYC (Know-Your-Customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for Sole Proprietorships are not specifically provided for in the regulations of FICA (the Financial Intelligence Centre Act, 38 of 2001), however section 21 of FICA requires that Mesh must establish and verify the particulars for all customers. To this end, the KYC requirements for sole proprietorships follow that for “Other Legal Persons” which are set out in regulations 11 and 12 of FICA. The KYC requirements, for sole proprietorships, are as follows:
Establish (Obtain) | Verify (Validate) |
|---|
Business Name | An approved document to verify physical address, reflecting at least the business name (operating name) and (physical) business address See Annexure D - Documents to Verify Physical Address |
Business Address |
Income tax reference number (if issued) | A document issued by the South African Revenue Service to verify your income tax reference number |
Contact Details | Does not need to be verified |
Connected Individuals
The KYC requirements for sole proprietorships, also requires that Mesh establish and verify information in respect of individual persons that are connected to and / or who represent the sole proprietorship. These "connected individuals" are as follows:
The sole proprietor themselves
Agent (e.g. a person authorised to open and / or maintain a relationship on behalf of the sole proprietorship in terms of a resolution, power of attorney, etc).
The KYC requirements, for persons connected to sole proprietorships, are as follows:
Establish (Obtain) | Verify (Validate) |
|---|
Full names | South African citizens / residents: RSA issued green bar-coded id book OR RSA issued Smart ID Card OR RSA issued Drivers License Card
Non-South African citizens / residents: |
Date of birth |
Nationality |
Identification Number |
Residential Address | Does not need to be verified |
Contact details | Does not need to be verified |
Close corporations
The KYC (Know-Your-Customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for Close Corporations are set out in regulations 7 and 8 of FICA (the Financial Intelligence Centre Act, 38 of 2001). The KYC requirements, for Close Corporations, are as follows:
Establish (Obtain) | Verify (Validate) |
Registered Name | The most recent CK1 (Founding Statement) OR The most recent CK2 (Amended Founding Statement) OR CIPRO (Company and Intellectual Properties Registration Office) certificate
|
Registration Number |
Registered Address |
Names of all members of the Close Corporation |
Business Address | If the business address (operating address) is different to the registered address, an approved document to verify physical address, reflecting at least the business name (operating name) and (physical) business address See Annexure D - Documents to Verify Physical Address |
Head Office Address | If the head office address is different to the registered and/or business address, an approved document to verify physical address, reflecting at least the business name (operating name) and (physical) business address See Annexure D - Documents to Verify Physical Address |
Income tax reference number (if issued) | A document issued by the South African Revenue Service to verify the income tax reference number |
VAT registration number (if issued) | A document issued by the South African Revenue Service to verify the VAT registration number |
Contact Details | Does not need to be verified |
Connected Individuals
The KYC requirements for Close Corporations, also requires Mesh to establish and verify information in respect of individual persons that are connected to and / or who represent the Close Corporation. These "connected individuals" are as follows:
All members of the Close Corporation
Agent (e.g. a person authorised to open and / or maintain a relationship on behalf of the Close Corporation in terms of a members’ resolution, power of attorney, etc).
The KYC requirements, for persons connected to closed corporations, are as follows:
Establish (Obtain) | Verify (Validate) |
Full names | South African citizens / residents: RSA issued green bar-coded id book OR RSA issued Smart ID Card OR RSA issued Drivers License Card
Non-South African citizens / residents: |
Date of birth |
Nationality |
Identification Number |
Residential Address | Does not need to be verified |
Contact details | Does not need to be verified |
South African companies (Not Listed)
The KYC requirements to establish and verify information for South African companies are set out in regulations 7 and 8 of FICA.
Exemption 6(1) to FICA provides exemption from certain KYC obligations in respect of public companies that are listed on an approved securities exchange, so there are different KYC requirements for South African companies that are also listed companies.
Establish (Obtain) | Verify (Validate) |
Registered Name | OR |
Registration Number |
Registered address | Form CM22 (Notice of Registered Office and Postal Address) |
business name (operating name) | If the business name (operating name) and/or business address (operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (operating name) and (physical) business address See Annexure D - Documents to Verify Physical Address |
business address (operating address) |
Head office address | If the head office address is different to the registered address and / or business address (operating address), an approved document to verify physical address, reflecting at least the business name (operating name) and (physical) head office address See Annexure D - Documents to Verify Physical Address |
Income tax reference number (if issued) | A document issued by the South African Revenue Service to verify the income tax reference number |
VAT registration number (if issued) | A document issued by the South African Revenue Service to verify the VAT registration number |
Contact details (i.e. name, telephone number(s), e-mail address, etc) | Does not need to be verified |
Names of all shareholders who hold 25%, or more, of the voting rights at an Annual General Meeting of the South African company | A letter from the South African company’s accountant / auditor / company secretary listing all shareholders who hold 25%, or more, of the voting rights at an Annual General Meeting of the company |
Connected Legal Entities
The KYC requirements for South African companies, also requires that Mesh establish and verify information in respect of legal entities that are connected to and/or who represent the South African company.
Connected individuals
The “manager” of the South African company (e.g. the Managing Director or Chief Executive Officer, etc);
All shareholders that hold 25 %, or more, of the voting rights at an Annual General Meeting of the South African company, which are individuals; and
Agent (e.g. a person authorised to open and / or maintain a relationship on behalf of the South African company in terms of a directors’ resolution, power of attorney, etc).
The KYC requirements, for individuals who are connected to South African companies, are as follows:
Establish (Obtain) | Verify (Validate) |
Full names | South African citizens / residents: RSA issued green bar-coded id book OR RSA issued Smart ID Card OR RSA issued Drivers License Card
Non-South African citizens / residents: |
Date of birth |
Nationality |
Identification Number |
Residential Address | Does not need to be verified |
Contact details | Does not need to be verified |
Connected Non-individuals (i.e. businesses and legal persons)
All shareholders that hold 25 %, or more, of the voting rights at an Annual General Meeting of the South African company, who are not individuals.
The KYC requirements, for non-individuals that are connected to South African companies, depend on the category / type of non-individual concerned. The general KYC requirements are as follows:
Note: Only information in respect of the connected non-individual(s) (e.g. businesses, legal persons, etc) is required. We do not require information in respect of individual and/or non-individual person(s) that are in turn connected to the non-individual (e.g. businesses, legal persons, etc) that is/(are) connected to the South African company.
Establish (Obtain) | Verify (Validate) |
Legal form | Founding documents (i.e. document/s used to register / incorporate the non-individual entity) |
Registered name (if applicable) |
Registration number (if applicable) |
Registered Address (if applicable) | Official document reflecting registered address |
Business name | If the business name and/or business address is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name and (physical) business address See Annexure D - Documents to Verify Physical Address |
Business address |
Head office address | If the head office address is different to the registered address and / or business address, an approved document to verify physical address, reflecting at least the business name and head office address See Annexure D - Documents to Verify Physical Address |
Contact Details | Does not need to be verified |
Connected Legal Entities
The KYC requirements for foreign companies, also requires that Mesh establish and verify information in respect of legal entities that are connected to and/or who represent the company.
Connected individuals
The “manager” of the foreign company (e.g. the Managing Director or Chief Executive Officer, etc);
All shareholders that hold 25 %, or more, of the voting rights at an Annual General Meeting of the foreign company, which are individuals; and
Agent (e.g. a person authorised to open and / or maintain a relationship on behalf of the foreign company in terms of a directors’ resolution, power of attorney, etc).
The KYC requirements, for individuals who are connected to foreign companies, are as follows:
Establish (Obtain) | Verify (Validate) |
Full names | South African citizens / residents: RSA issued green bar-coded id book OR RSA issued Smart ID Card OR RSA issued Drivers License Card
Non-South African citizens / residents: |
Date of birth |
Nationality |
Identification Number |
Residential Address | Does not need to be verified |
Contact details | Does not need to be verified |
Connected Non-individuals (i.e. businesses and legal persons)
All shareholders that hold 25 %, or more, of the voting rights at an Annual General Meeting of the foreign company, who are not individuals.
The KYC requirements, for non-individuals that are connected to foreign companies, depend on the category / type of non-individual concerned. The general KYC requirements are as follows:
Note: Only information in respect of the connected non-individual(s) (e.g. businesses, legal persons, etc) is required. We do not require information in respect of individual and/or non-individual person(s) that are in turn connected to the non-individual (e.g. businesses, legal persons, etc) that is/(are) connected to the foreign company.
Establish (Obtain) | Verify (Validate) |
Legal form | Founding documents (i.e. document/s used to register / incorporate the non-individual entity) |
Registered name (if applicable) |
Registration number (if applicable) |
Registered Address (if applicable) | Official document reflecting registered address |
Business name | If the business name and/or business address is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name and (physical) business address See Annexure D - Documents to Verify Physical Address |
Business address |
Head office address | If the head office address is different to the registered address and / or business address, an approved document to verify physical address, reflecting at least the business name and head office address See Annexure D - Documents to Verify Physical Address |
Contact Details | Does not need to be verified |
Listed companies
Exemption 6(1) to FICA provides exemption from certain KYC obligations in respect of public companies that are listed on an approved securities exchange, so there are different KYC requirements for foreign companies that are also listed companies.
Note: A list of securities exchanges that have been recognised / approved in terms of FICA can be found in Annexure B - List of Exchanges
The KYC requirements, for listed companies, are as follows:
Establish (Obtain) | Verify (Validate) |
Registered Name | Does not need to be verified |
Registration Number | Does not need to be verified |
Registered address | Does not need to be verified |
Business name in South Africa | Does not need to be verified |
Business address in South Africa | Does not need to be verified |
Head office address | Does not need to be verified |
Income tax reference number (if issued) | Does not need to be verified |
VAT registration number (if issued) | Does not need to be verified |
Contact details (i.e. name, telephone number(s), e-mail address, etc) | Does not need to be verified |
Proof of securities exchange listing | Official documentation from the relevant securities exchange, or other acceptable source, reflecting current listing status. |
Partnerships
(excluding professional partnerships and informal associations of individuals)
The KYC requirements, for all other partnerships not listed under Other Legal Persons, are as follows:
Establish (Obtain) | Verify (Validate) |
Business Name | Partnership agreement, or If no partnership agreement exists, a letter from the partnership confirming that no written partnership agreement exists, identifying the business name of the partnership
|
Business Address | Does not need to be verified |
Contact Details | Does not need to be verified |
Names of all partners in the partnership (including silent partners, every member of a partnership en commandite, an anonymous partnership or any similar partnership) | Partnership agreement, or If no partnership agreement exists, a letter from the partnership confirming that no written partnership agreement exists, identifying the business name of the partnership
Where the above: |
Connected Legal Entities
The KYC requirements for partnerships, also requires Mesh to establish and verify information in respect of entities who are connected to and/or who represent the partnership.
These "connected entities" are as follows:
Individuals
The person who exercises overall executive control over the partnership;
All partners in the partnership (including silent partners, every member of a partnership en commandite, an anonymous partnership or any similar partnership) that are individuals;
Agent(s) (e.g. the person/s authorised to open and/or maintain a relationship on behalf of the partnership in terms of a resolution, power of attorney, etc).
Establish (Obtain) | Verify (Validate) |
Full names | South African citizens / residents: RSA issued green bar-coded id book OR RSA issued Smart ID Card OR RSA issued Drivers License Card
Non-South African citizens / residents: |
Date of birth |
Nationality |
Identification Number |
Residential Address | Does not need to be verified |
Contact details | Does not need to be verified |
Non-individuals
The KYC requirements, for non-individuals that are connected to South African companies, depend on the category / type of non-individual concerned. The general KYC requirements are as follows:
Note: Only information in respect of the connected non-individual(s) (e.g. businesses, legal persons, etc) is required. We do not require information in respect of individual and/or non-individual person(s) that are in turn connected to the non-individual (e.g. businesses, legal persons, etc) that is/(are) connected to the South African company.
Establish (Obtain) | Verify (Validate) |
Legal form | Founding documents (i.e. document/s used to register / incorporate the non-individual entity) |
Registered name (if applicable) |
Registration number (if applicable) |
Registered Address (if applicable) | Official document reflecting registered address |
Business name | If the business name and/or business address is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name and (physical) business address See Annexure D - Documents to Verify Physical Address |
Business address |
Head office address | If the head office address is different to the registered address and / or business address, an approved document to verify physical address, reflecting at least the business name and head office address See Annexure D - Documents to Verify Physical Address |
Contact Details | Does not need to be verified |
