Skip to main content

PRESS RELEASE: Know Your Customer (KYC) @ FNB

FNB Namibia has announced that the KYC (Know Your Customer) process is progressing well at the bank and that customers have heeded the call by the bank to bring in all requested documents that verify and proof customer identity.


Yamillah Katjirua, Group Company Secretary and Compliance Officer explains: “Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. Know your customer policies are becoming increasingly important globally to prevent identity theft, financial fraud, money laundering and terrorist financing”.


FNB Namibia has been requesting customers through a variety of means to get all relevant information from customers. Katjirua: “We have phoned our customers, reminded them via our website, via direct SMS, through media as well as customer interaction in our branches. We are happy with the response from our clients.”
Katjirua advised that the Financial Intelligence Act 13 of 2012 obliges banks to know who their customers are and set out the required information banks should ascertain and verify. The Financial Intelligence Act 13 of 2012 also prohibits any bank to deal with unknown/anonymous customers. “The objective of KYC requirements is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities”.

The deadline for compliance as set by Bank of Namibia is 5 October 2013 and Katjirua mentioned that customers need to be fully KYC’d by the bank as per prescribed requirements. “If this is not done by the deadline the bank will be left with no choice than to freeze the account, which will limit the customers’ transactional ability, in that no deposits and/or withdrawals will be allowed. The customer will also not be able to make use of any other services offered by the bank until such time that the customer has been fully KYC’d and the account re-activated. We wish to avoid this at all costs and thus request all our customers to become KYC.”

FNB invites their customers to call their nearest FNB branch or the Call Centre on (061) 299 2222 or email them at CallCentre1@fnbnamibia.com.na

Comments

  1. Finovo TechJune 3, 2025 at 4:35 AM

    Your Blog is very nice!Finovo's eKYC solution is fast, secure, and easy to use—perfect for seamless onboarding in today’s digital finance world.
    api integration services in delhi
    ekyc solution provider in india
    best investment solutions company in delhi
    best customized solution in delhi

    ReplyDelete

Post a Comment

Popular posts from this blog

PRESS RELEASE: Insight Namibia Magazine Celebrates 100th Edition (September 2013)

In a magazine market known for its fly-by-nights and flash-in-the-pans, Insight Namibia cc marks its 100th monthly edition with the September 2013 issue . The first edition appeared in September 2004 and throughout the last nine years, Insight maintained its position as Namibia's premier current affairs magazine . Originally started and currently based in Windhoek, Namibia, the magazine's founders, Robin Sherbourne, David Lush and Tangeni Amupadhi,  journalists in their own right, at the time (2004) wrote that Insight was 'born out of a feeling that Namibians yearn for more than just hard news.' Readers were promised a publication that went beyond the daily headlines and covered 'the story behind the story' . The magazine was not started with a bank loan; the pioneers pooled their savings to get it off the ground and to this day, that same financial discipline, has ensured that Insight has never taken a loan to cover its operating, printing and overhead cos...
56 comments
Read more

Tattoo: Ethiopian Coptic Cross (Meskel) Design

     C hristianity arrived on the shores of southern Africa approximately 600 years ago, and unbeknownst to the bright-eyed European missionaries who disembarked from sodden ships at the Cape of Good Hope, it had been practiced on the African continent, and flourished as an independent religion for almost 1,000 years before, in Ethiopia. Today, the oldest Christian faith on the continent, rumoured to be closest in resembling early Christianity, is the Ethiopian Coptic Church (or the Ethiopian Orthodox Tewahedo Church).      The cross is the popular universal symbol of Christianity and across the world, in every Christian community, it remains within the parameters of a simple design (+) , almost 2,000 years old. The Ethiopian Coptic Church is the only known Christian community that produces a remarkable version of the cross, called ''meskel''; even more remarkable, this development occurred independent of the influence of European Christianity. Meskel pat...
28 comments
Read more

Press Release: GET RID OF DEBT (FNB)

“The Bank of Namibia (BoN) has announced an increase in the repo rate by 0,25% to 5,75% on the back of an upward trend in inflation. “ As a result of increasing interest rates debt is becoming more expensive,” says Daniel Motinga , Head: Research at First National Bank of Namibia. “While the difference may be small at the moment, any additional interest rate increases will start to really hurt people’s pockets. Now is the perfect time to rebalance your debt portfolio by paying extra into your loans.”  (Photo: Daniel Motinga, FNB) Motinga went on to say that for the last five years interest rates had been at an all-time low, meaning that the cost of debt has been reasonably low for this period of time. “But, the interest rate rose by 0.25 percent, and we have now entered an upward rate cycle, which means we could see more interest rate hikes in the future. Borrowers can take steps to protect themselves from rate hikes.” “As interest rates rise, so does the cost of borro...
27 comments
Read more