Community

Share knowledge. Find answers. Ask questions.

Community blog

Read our latest news and views and get to know us better

Are you KYC compliant yet?
Super Contributor

There are just a few more days to go before the Bank of Namibia’s 5th of October deadline for the “Know your Customer” (KYC) verification process. We therefore urge you to become KYC compliant to avoid your accounts from being frozen.

Under the Namibian Financial Intelligence Act (FIA), Bank of Namibia requires that all financial institutions have certain relevant documentation on record to ensure that they know the true identity of their customers. The FIA Act of December 2012 is geared towards combating money laundering in the country. Money laundering is the process by which criminals conceal the true origin and ownership of the proceeds of their criminal activities by making it appear as though the proceeds were obtained legitimately.

Because the law now prohibits us from transacting with clients who have not been properly verified we have taken various steps to ensure that all our customers are KYC’ed before the deadline. We’ve sent KYC awareness notifications to customers via, ATM display messages, letters, posters, emails and SMS’es.

So, to ensure that your personal documentation is up to date, either visit your nearest branch or contact it via telephonic enquiry. Call the Customer Contact Centre on the toll free number 0819286.