KYC progressing well at FNB

13 Aug 2013 06:00

FNB Namibia has announced that the KYC (Know Your Customer) process is progressing well at the bank and that customers have heeded the call to bring in all requested documents that verify and proof customer identity.

Yamillah Katjirua, Group Company Secretary and Compliance Officer explains: “Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. Know your customer policies are becoming increasingly important globally to prevent identity theft, financial fraud, money laundering and terrorist financing”.
FNB Namibia has been requesting customers through a variety of means to get all relevant information from customers.
Katjirua: “We have phoned our customers, reminded them via our website, via direct SMS, through media as well as customer interaction in our branches. We are happy with the response from our clients”
Katjirua advised that the Financial Intelligence Act 13 of 2012 obliges banks to know who their customers are and set out the required information banks should ascertain and verify. The Financial Intelligence Act 13 of 2012 also prohibits any bank to deal with unknown/anonymous customers. “The objective of KYC requirements is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities”.
The deadline for compliance as set by Bank of Namibia is 5 October 2013 and Katjirua mentioned that customers need to be fully KYC’d by the bank as per prescribed requirements. “If this is not done by the deadline the bank will be left with no choice than to freeze the account, which will limit the customers’ transactional ability, in that no deposits and/or withdrawals will be allowed. The customer will also not be able to make use of any other services offered by the bank until such time that the customer has been fully KYC’d and the account re-activated. We wish to avoid this at all costs and thus request all our customers to become KYC.”
FNB invites their customers to call their nearest FNB branch or the Call Centre on (061) 299 2222 or email them at CallCentre1@fnbnamibia.com.na