FICA Compliance
Financial Intelligence Centre Act (Act 38 of 2001) — Our tiered approach to Know Your Customer (KYC) and Anti-Money Laundering (AML).
Our Tiered FICA Approach
Slip a Tip implements a risk-based, tiered FICA verification system. This ensures legitimate users can start receiving tips immediately while meeting all regulatory requirements as their earnings grow.
Tier 1 — Instant
Required at registration
Allows: Receiving tips + withdrawals up to R3,000 cumulative
Tier 2 — Hard FICA
Triggered at R3,000 cumulative
Allows: Unlimited withdrawals (subject to velocity limits)
Integrated Security Framework
PCI-DSS Level 1 Encryption
All payment processing is handled by our PCI-DSS Level 1 certified payment gateway. Slip a Tip never touches, stores, or processes credit card data. Card data flows directly from the customer to the payment provider via encrypted channels.
Virtual Ledger Isolation
All tip funds are held in a segregated "Customer Money" ledger, completely separate from Slip a Tip's operating account. This ensures full auditability — we can prove at any time exactly what belongs to service workers and what is our 10% service fee.
Velocity Fraud Detection
Our system monitors and flags unusual tipping patterns in real time — for example, unusually large tips from a single card to a single worker. This protects the platform from being used as a conduit for money laundering or credit card clearing.
Complete Audit Trail
Every scan, payment, and payout is timestamped and logged with full transaction metadata. This creates an immutable audit trail that satisfies both the FIC Act requirements and provides evidence for any regulatory enquiry.
Settlement Holds
All tips are subject to a 24–72 hour settlement hold before funds become available for withdrawal. High-risk transactions are held for extended periods and reviewed manually. This provides a window to detect and reverse fraudulent transactions.
AML Monitoring
Automated Anti-Money Laundering checks flag large transactions, rapid accumulation patterns, structuring (splitting deposits to avoid thresholds), and suspicious round-amount patterns. All flagged transactions are reviewed before release.
Non-Compliance & Abandoned Funds
If a user fails to provide required FICA documentation within 60 calendar days of receiving their first tip, their account will be classified as “Non-Compliant.” All funds held in a Non-Compliant account will be forfeited and donated to a nominated registered charity. This measure ensures compliance with the Anti-Money Laundering (AML) laws of South Africa and protects the integrity of the platform.
Questions About FICA?
Our compliance team is available to assist with any verification queries.
Contact: legal@slipatip.co.za