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This Act (38 of 2001) is known as FICA and it came into effect on 1st July 2001. The objective is to combat crimes such as tax evasion and money laundering and it is similar to legislation in other countries with the same objectives. Financial institutions are required to keep records of people with whom they do business. Customers are required to submit their current ID document with a proof of their residence usually in the form of a municipal account which is less than 3 months old with their name and address on it. Financial institutions are required to ensure that the information gathered is kept up to date.