Become KYC compliant before 05 October

Clients of various banks have been urged to contact their respective banks to ensure that their personal documentation is identified and verified before 05 October 2013 in order to avoid freezing of their accounts.
This is in line with The Know Your Customer or KYC compliance call by the Bank of Namibia’s regulation in accordance to the Namibian Financial Intelligence (FIA) Act, No. 13 of 2012 aimed at combating money laundering.
Money laundering is described as 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.
Chairman of the Bankers Association of Namibia, Mpumzi Pupuma said the KYC drive is part of the Bank of Namibia’s deadline for all banks to ensure that the relevant identification details and documents of their customers are verified by the deadline.
“The law prohibits banks from transacting with a client if he or she has not been properly verified. Financial institutions are urging all banking clients to become KYC’ed before the deadline given by the Bank of Namibia. Avoid freezing of your bank account by becoming KYC compliant,” said Mpumzi.
“Rather contact your bank to make sure that you are KYC compliant, even if it is only an enquiry through a telephone call or go to your nearest bank to give updated and relevant information,” hesaid.
Customers are also encouraged to call their bank’s 24-Hour Customer Contact Centre to ensure that their information is updated accordingly.