What FICA requires

When you opened your account, you would have complied with FICA requirements such as providing a copy of your identity document, your source of funds (income) and your address details amongst other information.

Due to amendments to the Act, we need you to update and/or validate your information to make sure both Nedbank and you meet the requirements of the FIC Amendment Act.

What is Financial Intelligence Centre (“FIC”) Amendment Act?

The FIC Amendment Act is an amendment to the 2001 FICA law. It is a South African law that aims to combat financial crime as well as protect the financial stability and integrity of the South African financial system.

What is ongoing due diligence?

Ongoing due diligence is the process of continuously validating and updating the information of a client for as long as they continue to be a client of the bank. It helps us understand our client better and is one of the requirements under the FIC Amendment Act.

What information is required for ongoing due diligence?

Personal details may change, for example you may get married, change your job, or move home. We therefore need to ask clients to confirm or update their details to make sure that we have the correct information.

The information required to perform due diligence includes but is not limited to the following:
 

• Contact details
• Employment details
• Source of funds
• Occupation
• Nationality

What happens if I do not update my information?

If you do not update or validate your information, we are obligated by law to restrict/ block your account.

What happens if my account has been restricted or blocked?

If your account has been blocked, you will not be able to access your funds or use your bank cards, Money App or Online banking until you have provided us with the required information.

How long will it take for me to access my funds and services after I have updated my information?

Once you have updated your details, the restriction will be lifted within 48 hours. It is recommended that you do not wait until your accounts are restricted to act.

Why do we need your updated information?

Not only does this enable us to provide the best service and products, but it gives our clients comfort that as a bank we are following the rule of law and are not putting them, or our employees or shareholders, at risk.

How can I validate and update the details myself?

You can do this in three ways:

1. Call us on 0800 774 828

2. Visit your nearest branch

3. On the Money app or Online Banking