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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.

This law is to prevent money-laundering and fraud. It requires very specific identification and residence verification when people open bank accounts. These documents are known as KYC (Know Your Customer documents.)

KYC documents:

  • Green barcoded ID or valid passport if you are a foreign national
  • Proof of residence (not more than 3 months old 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 account-holder)

Acceptable proof of address

  • A utility bill
  • A landline or cell phone account
  • A municipal rates and taxes invoice
  • A letter from your councillor or local chief or
  • A retail statement
  • Latest tax return A short-term insurance policy