Consumers Should Work Together with Banks to Help Combat Financial Crime

  • If an existing customer wishes to take up a new product or service, the bank must first verify the customer’s details.
  • Any person who wants to open a new bank account is required to provide the relevant documentation to validate their information when opening the bank account.
  • Banks are required to hold the latest and most accurate information about all their customers in order to comply with the requirements of FICA.  Should the documentation and information in the position of the bank be illegible, incomplete or not verified, the customer will be required to re-submit FICA documentation.
  • Individuals who own businesses are required to FICA their business accounts separately as the documentation requirements in terms of the Act are not the same.
  • Individuals are required to produce their green bar coded ID book or new Smart ID card, as well as an acceptable proof of address (i.e. rates and taxes or utilities account/bill less than three months old) to be FICA compliant. People should also be aware that FICA is not a once-off event. Banks and the broader financial services sector regularly review their compliance with FICA and Know-Your-Customer (KYC) regulations in order to verify their customers’ sources of income and funds. This can only be achieved through collaboration with customers. “We urge consumers who have been notified of FICA non-compliance to provide their banks with all outstanding information and documentation on time. This will prevent the freezing of accounts being carried out as a last resort,” concludes Enslin.]]>

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