Compliance

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CHIPS enforces all regulatory requirements, including regulations to fight crime and terrorist funding (FICA compliance). 

In line with international practices, the South African government introduced legislation (FICA) aimed at preventing money laundering, the use of the proceeds of crime and preventing the funding of terrorist activities.  In order for its users to comply with the FICA regulations, CHIPS has created a FICA registration process that enables its users to capture the information necessary to meet the FICA requirements, with as little inconvenience as possible.

Your FICA level determines the maximum amount that you can transfer out of your CHIPS account, by either buying goods and services, or for sending money to others.  Your level is dependent on the verifiable identification documentation that you can provide.

About Trustlink

Trustlink (Pty) Ltd is a South African company, established in 2002. Since its inception, Trustlink is a trusted payment and solution provider to banks, other financial institutions and blue chip corporates in Sub Saharan Africa.  Trustlink is also the SWIFT business partner in the region. Trustlink now offers CHIPS, as a service, under license, to the South African consumers, business and other organisations, as well as government.

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