Scenario:

You are chairing a discussion group at University. One of the audience members advises that he lives in an informal settlement and cannot open a bank account because he cannot prove where he lives.

Provide an expert view on the Financial Intelligence Center Act 28 of 2001 (FICA) and its negative impact on migrant labor and people living in informal settlements.

Apply your knowledge of FICA and provide the audience with a critical examination of the "Know Your Customer" procedure, which requires accountable institutions such as banks to verify their customer's residential address. In your response, also state why this procedure is not suitable to the South African context.