Financial Intelligence Centre Act

South African banks have until 30 June 2004 to comply with the provisions of the Financial Intelligence Centre Act. This act is aimed at preventing money laundering and also to maintain the integrity of the country's financial systems.

This act requires financial institutions to verify the personal details of all their customers.

It would be in your favour if you come forward and provide the bank with all the details they require if you do not want your account 'frozen'.

You need to provide the bank with the following:

Proof of identity : new green ID document)
Proof of residential address : a municipal bill, Telkom statement or another bill or document reflecting your name and your current residential address.
Proof of tax number, if you have one : document issued by the SA Revenue Services.

The act is aimed at preventing money laundering and illegal financial transactions. Banks now have to notify certain law enforcement agencies if they detect any unusual activity such as unusually large deposits or withdrawals. These agencies include the SA police, Scorpions, SARS and more.

This new act will also bring South Africa up to standard with other leading countries in combating financial crime. As long as you are not involved in illegal matters, you have nothing to fear.

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