FICA legislation requires that we conduct a customer due diligence upon registration of a new client and ongoing due diligence in respect of existing clients (“Risk Based FICA Approach” or “RBA”). Legal speak to say that there is a law that requires EasyEquities to at all times make sure all our clients only deposit money they have made legally.
Basically EasyEquities must ensure, like all financial institutions, that there is no money laundering happening on the EasyEquities platform.
To make the process as simple as possible, each Easy user has been allocated an Initial Upper Deposit limit (IUDL).
The table below shows how our finance team calculated your IUDL:
Each time an Easy user deposits money, our system calculates whether the deposit will result in the IUDL being breached (adding all money deposited in the current financial year).
If the deposit will result in the IUDL being breached, we direct the deposit to a special account, where your money attracts interest at the same rate as if it were allocated directly into your investment account. This is to ensure that your cash remains safe.
The next step is that one of our Client Engagement Champions will call you and ask for additional information:
- Documents to confirm where the money came from;
- Info on your annual income that will enable your Upper Deposit Limit to be increased.
Once this has been done, your funds will be available as always.
Whilst we introduce this process for your and our protection, there may be hiccups. We would appreciate if you alert us via
[email protected] if you notice anything that makes no sense or causes you concern. And we will get onto it immediately.
EasyEquities is a platform and community that prides itself on transparency and working with and for our clients. If we make mistakes, we apologise and fix them. At the end of the day we remain committed to our over 200 000 clients and enabling them to achieve financial freedom.
Thanks for your support and happy investing!
