FNB KYC Compliance is the First National Bank’s way of combating financial crimes in South Africa. This process is ongoing process for everyone who holds an account with the FNB and other banks in South Africa.
This process is important for FNB as it not only helps it as a bank to reduce the risk of money laundering but also helps to save at least $12 million each year.
This article outlines everything you need to know about the FNB KYC compliance process. You will get to know the simple steps of how to upload FICA documents on the FNB website. It also answers all of your frequently asked questions on FNB KYC Compliance.
What does FNB Stands For?
FNB is also known as First National Bank. It is the oldest bank in South Africa which provides banking services to millions of customers across South Africa.
What is KYC in South Africa?
KYC is the short form of Know Your Customer. It is a verification process carried out by most financial institutions.
KYC in South Africa is one of the control measures set up by the Financial Intelligence Center Act, FICA South Africa to fight against financial crimes such as money laundering, terrorist financing activities, identity theft, and other similar financial crimes.
The financial industry of which banks are the primary focus has a higher risk of being involved in financial crimes. This is why banks in South Africa must carry out appropriate customer due diligence on all their customers who own an account with them.
What is FNB KYC Compliance?
Simply, FNB KYC Compliance is the FNB process of verifying its customers’ identity in South Africa.
The FNB KYC compliance process includes the bank’s customers submitting required documents which must be updated on an ongoing basis to ensure their banking relationship is maintained with the bank.
What Documents are Required for FNB KYC Compliance?
What document do I need for FNB KYC compliance? You need the following officially valid documents for FNB KYC:
- Passport
- Voters’ ID Card
- Driver’s licence
- PAN Card
- Aadhaar letter/card
- NREGA job card (Signed)
Why is FNB KYC Process Important?
FNB KYC compliance helps First National Bank to know its customers from the useful information in the FNB KYC documents supplied by them.
With this information, if an unusual activity such as an unusual transaction occurs with a bank account, such activity can be flagged and appropriate actions can be taken. This process of banks monitoring customers’ accounts to ensure it eliminates financial fraud may also include transaction monitoring.
The FNB KYC compliance is the First National Bank’s way of ensuring compliance with the Financial Action Task Force FAFT recommendations.
What is the Implication of not complying with the FNB KYC Compliance?
FNB requires that its customers submit their documents for KYC verification. Failure to submit your documents for FNB KYC compliance will result in your account being frozen failure to do so will result in your account being frozen due to non-compliance.
How Can I send my Documents to FNB for FICA KYC
Can I email my FICA documents to FNB? You don’t have to visit the bank before FNB can receive your pending documents. You can send an email to ficadocs@fnb.co.za with the attached documents.
How long does it take for FNB to verify FICA documents?
Verification for FNB KYC compliance usually takes 48 hours. Once your pending documents have been received, they will be checked by the Quality Assurance Specialists. This could take up to 48 hours, then you will get a text to inform you that the hold on your Business Account has been lifted.
Can I email my documents to FNB KYC mail?
You don't have to visit any FNB branches before sending your FNB KYC documents. You can email your documents to ficadocs@fnb.co.za
How Do I send an Email to FNB?
You can send an email to info@fnb.co.za or contact the Query Resolution team for FNB at 087 575 9404.
How do I know which FICA Documents are Outstanding for FNB KYC Compliance?
What is FNB KYC If you own a business bank account with FNB and you don't know which documents you are yet to submit for FNB KYC verification, you can follow either of the following ways:
- Email your query to this FNB KYC email businessficadocs@fnb.co.za
- Contact your business banker directly via email or phone
- Visit the nearest FNB branch for assistance
How do I update my FNB FICA Profile?
Here is how to update your FNB FICA info on your personal profile
1. Log in to your banking profile on the FNB App.
2. Select the menu.
3. Select “My Profile”
4. Select your personal info.
5. Follow the prompts.
6. Select 'Finish'
Can I submit FICA documents online?
FICA documents can be submitted online. You can upload your FICA documents to the FNB website using your phone or directly from your computer
How to Upload FICA documents to FNB Website
Easy way to upload your FICA document on the FNB website. Upload your FICA documents on the FNB website using these 8 easy steps:
Step 1: Go to https://www.online.fnb.co.za// and log in to your FNB account
Step 2: Select the top “Menu” Button
Step 3: Select “Online Banking Setting” on the left drop-down menu
Step 4: You will see three options: “Online Banking” “Banking” “Your Details”.
Choose “Your Details”
Step 5: Select “Upload” under FICA documents
Step 6: Upload all pending documents
Step 7: Click “Upload” to upload all your documents
Step 8: Email ekycdocs@fnb.co.za should you encounter any difficulty with this process. You can also call 087 335 5405 for business accounts or 087 343 1299 for personal account queries.
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