KYC Procedures for Banks in Namibia: A Guide for Clients
The Financial Intelligence Act (FIA) of 2012 introduced the requirement for banks to properly identify and verify client information, also known as Know Your Client (KYC) procedures. This guide is designed to help clients of Nedbank Namibia understand what documents are required to facilitate this process.
What Documents Are Required?
As a client of Nedbank Namibia, you will need to provide the following documents:
- A valid Namibian identity card
- A utility bill showing your name and address
If you are living with someone who owns or rents the property, they must:
- Confirm their relationship with you in writing
- Provide an acceptable document showing their name and residential address
Why Do I Need to Resubmit Documents?
The FIA requires banks to regularly update client information and documentation. This means that even if you have previously provided these documents, you may be required to resubmit them at a later date.
What Happens If I Fail to Provide the Necessary Documents?
If you fail to provide the necessary documents, your account may be frozen following an account restriction process.
How Can I Update My Details?
As a Nedbank client, it is essential that you:
- Provide us with the necessary FIA information and documentation
- Ensure we have your latest contact details
You can visit any branch or contact your relationship manager for more information. Please note that you cannot update your details online and fax/email through documentation.
Business Accounts
If you have both personal and business accounts, separate documentation requirements apply. The documentation required will depend on how the entity has been registered. You should contact your relationship manager or nearest branch for more information.
Account Freeze
Nedbank may freeze your account if you fail to provide the necessary FIA information and documentation once requested. However, we will make every endeavour to contact you using the details on our files, and you can avoid this by ensuring your contact details are updated.
Getting More Information
For more information on KYC procedures at Nedbank Namibia, please visit our website or contact your nearest branch. Your feedback is important to us, so don’t hesitate to reach out with any suggestions or concerns.
Note: The list of acceptable documents for proof of residential address can be found on our website.