Why your bank needs your latest details
Banks are legally required to know who their customers are and make sure their information is up to date. This process is called Know Your Customer (KYC). It’s part of the Financial Intelligence Centre Act 38 of 2001 (FICA), which helps fight against things like money laundering and fraud.
What is KYC?
KYC is a way for banks to know who you are and keep track of what you do with the money in your account. It helps them understand how you use your bank account. To do this, the bank will ask you for some documents like:
- Your ID or passport
- Proof of where you live (like a municipality bill)
- Proof of authority (if you’re managing someone else’s account, like a relative)
Why does it matter?
KYC isn’t just about following the law – it’s there to protect you. Banks need to ensure they have the right information about you, so that they can:
- identify any suspicious activity on your account
- prevent fraud
- keep your account safe
If you don’t keep your information up to date, they might even have to freeze your account until you update your details.
How can you help?
It’s a good idea to check your details every now and then, even if your bank doesn’t ask for them. This ensures you stay in line with the law and avoid any issues with your account.
Ways to update your information
You can usually update your information through your bank's app, website, or by visiting a local branch.