As a registered accountable institution with the Financial Intelligence Centre (FIC) we are required to obtain the following:
- South African ID book or card
- Selfie with ID
- Proof of address document
- Documents proving the origins of your trading funds (including bank statements)
- Your SARS income tax number
- Your income bracket
- Your employment information
- Your trade size
- Your contact details
Shiftly collects these documents and reviews them to ensure they’re correct and meet the banks’ standards. We then pass these to your foreign exchange intermediary who facilitates the opening of your foreign exchange account by liaising with the bank and providing this information and documents to the bank.
If you fail to provide correct and complete documents and information the bank will decline to open your account and you won’t be able to trade, which is why we collect these documents upfront and provide them to the bank as part of your application.