Legal Document
FICA POLICY
FINANCIAL INTELLIGENCE CENTRE ACT (FICA) COMPLIANCE POLICY NEXT GENETICS PLATFORM --- 1. PURPOSE 1.1 This Policy outlines the measures implemented by NEXT GENetics (“Platform”, “we”, “us”) to comply with the Financial Intelligence Centre Act, 38 of 2001 (“FICA”). 1.2 This Policy is designed to: * Prevent money laundering * Detect suspicious financial activity * Ensure compliance with applicable legal obligations --- 2. PLATFORM STATUS 2.1 The Platform operates as an **online marketplace and limited payment facilitator**. 2.2 The Platform is NOT: * A bank * A financial institution * An accountable institution under FICA (unless required by law) 2.3 Notwithstanding the above, the Platform implements **risk-based compliance measures aligned with FICA principles**. --- 3. DEFINITIONS 3.1 “FICA” means the Financial Intelligence Centre Act, 38 of 2001. 3.2 “Money Laundering” includes any activity intended to conceal or disguise the origin of unlawful funds. 3.3 “Suspicious Transaction” means any transaction that appears unusual, irregular, or inconsistent with a User’s known profile. 3.4 “User” means any registered individual or entity on the Platform. --- 4. RISK-BASED APPROACH 4.1 The Platform adopts a **risk-based approach** to identifying and managing financial crime risks. 4.2 Risk indicators include: * High-value transactions * Rapid movement of funds * Multiple linked accounts * Inconsistent user information * Repeated transaction reversals --- 5. CUSTOMER IDENTIFICATION AND VERIFICATION (KYC) 5.1 The Platform requires Users to undergo identity verification processes, including: * Submission of identity documents * Verification of contact details * Business registration verification (where applicable) 5.2 The Platform may: * Request additional documentation * Conduct enhanced due diligence for high-risk Users * Refuse or terminate access --- 6. RECORD KEEPING 6.1 The Platform maintains records of: * User identification information * Transaction data * Payment records * Communication logs 6.2 Records are retained for: * Legal compliance * Fraud prevention * Investigation purposes --- 7. TRANSACTION MONITORING 7.1 The Platform may monitor: * Payments and escrow activity * Auction transactions * Account activity 7.2 Monitoring may be: * Automated (fraud detection systems) * Manual (administrative review) --- 8. SUSPICIOUS ACTIVITY MANAGEMENT 8.1 Where suspicious activity is detected, the Platform may: * Flag the transaction * Freeze funds * Suspend or restrict accounts * Request additional verification 8.2 Actions may be taken: * Without prior notice * At the Platform’s sole discretion --- 9. REPORTING OBLIGATIONS 9.1 Where required by law, the Platform may report: * Suspicious transactions * Fraudulent activity To: * The Financial Intelligence Centre (FIC) * Law enforcement authorities 9.2 The Platform may disclose: * User information * Transaction records * Communication data In compliance with legal obligations. --- 10. THIRD-PARTY PAYMENT PROVIDERS 10.1 Payments are processed via licensed third-party providers. 10.2 Such providers may: * Conduct their own FICA checks * Enforce compliance measures 10.3 The Platform is not responsible for: * Decisions taken by payment providers * External compliance processes --- 11. USER OBLIGATIONS Users must: 11.1 Provide accurate and complete information 11.2 Use the Platform only for lawful purposes 11.3 Not engage in: * Money laundering * Fraud * Financial abuse --- 12. NON-COMPLIANCE 12.1 Failure to comply with this Policy may result in: * Suspension of accounts * Termination of access * Withholding of funds * Reporting to authorities --- 13. LIMITATION OF LIABILITY 13.1 The Platform shall NOT be liable for: * Losses resulting from compliance actions * Delayed or frozen funds * Account restrictions --- 14. INDEMNITY 14.1 Users indemnify NEXT GENetics against: * Claims arising from unlawful financial conduct * Regulatory penalties caused by user actions * Third-party claims --- 15. TRAINING AND INTERNAL CONTROLS 15.1 The Platform may implement: * Internal compliance procedures * Staff awareness and training --- 16. AMENDMENTS 16.1 This Policy may be updated at any time. 16.2 Continued use constitutes acceptance of changes. --- 17. GOVERNING LAW This Policy is governed by the laws of the Republic of South Africa. --- 18. CONTACT DETAILS NEXT GENETICS DORPERS (PTY) LTD 2026/181336/07 250 Milner Street, Waterkloof, Pretoria, Gauteng, 0181 info@nextgeneticsza.co.za --- END OF DOCUMENT