Customer identification

It is law in South Africa that banks keep accurate records of their customers. For that reason, the requirements for opening an account at any bank will be the same.

FICA

The Financial Intelligence Centre Act.

FICA law prevents money laundering and fraud. Therefore, specific customer identification and residence verification are required when people open bank accounts. These documents are known as KYC (Know Your Customer documents).

KYC documents include:

• Green barcoded ID or a valid passport if you are a foreign national
• Proof of residence (not older than 3 months and must be something like a utility bill to prove that you live at the address you’re providing)
• KYC documentation is needed for every person who gets linked to your accounts (even if you are the accountholder)

Acceptable proof of address:

• A utility bill such as water and electricity
• A landline or cellphone account
• A municipal rates and taxes invoice
• A letter from your councillor or local chief
• A retail statement such as a clothing account
• Latest tax return
• A short-term insurance policy