Johannesburg - People should update their personal details with their individual banks so that they comply with the Financial Intelligence Centre Act (Fica), the SA Banking Risk Information Centre (Sabric) said on Wednesday.
"Government introduced Fica to combat financial crimes such as money laundering, tax evasion and terrorist financing activities," CEO Kalyani Pillay said in a statement.
Simultaneously, Fica was introduced to protect bank customers from fraud, money laundering and similar crimes.