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KYC requirements for individuals


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for individuals are set out in regulations 3, 4, 5 and 6 of FICA (the Financial Intelligence Centre Act, 38 of 2001).

The KYC requirements, for individuals

For individual customers who are South African citizens and/or who are South African residents

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document
Nationality
Identifying number
Residential address An approved document to verify residential address, reflecting at least your initial(s) and surname and (physical) residential address
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified
For individual customers who are not South African citizens and who are not South African permanent residents
Full names
Date of birth Valid passport
Nationality
Passport number
Residential address Does not need to be verified
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
Contact details Does not need to be verified

The KYC requirements for individuals, also requires that First National Bank to establish and verify information in respect of individual persons that are connected to and/or who represent the individual customer. These 'connected persons' are as follows

For individuals who are 'connected' to the individual customer ( e.g. legal guardians, agents, etc.)

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

KYC requirements for sole proprietorships


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for Sole Proprietorships are not specifically provided for in the regulations of FICA (the Financial Intelligence Centre Act, 38 of 2001), however section 21 of FICA requires that First National Bank must establish and verify the particulars for all customers.

To this end, the KYC requirements for sole proprietorships follow that for 'Other Legal Persons' which are set out in regulations 11 and 12 of FICA.

The KYC requirements, for sole proprietorships

Establish (i.e. obtain) Verify (i.e. validate)
Business name (i.e. operating name) An approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

The KYC requirements for sole proprietorships, also requires that First National Bank to establish and verify information in respect of individual persons that are connected to and/or who represent the sole proprietorship.

These 'connected persons' are as follows:

  • The sole proprietor themselves; and
  • Agent (e.g. a person authorised to open and/or maintain a banking relationship on behalf of the sole proprietorship in terms of a- resolution, power of attorney, etc.).

The KYC requirements, for persons connected to sole proprietorships

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

KYC requirements for close corporations


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for Close Corporations are set out in regulations 7 and 8 of FICA (the Financial Intelligence Centre Act, 38 of 2001).

The KYC requirements, for Close Corporations, are as follows:

Establish (i.e. obtain) Verify (i.e. validate)
Registered name
Registration number The most recent CK1 (Founding Statement), CK2 (Amended Founding Statement) or CIPRO (Company and Intellectual Properties Registration Office) certificate
Registered address
Names of all members of the close corporation
Business address (i.e. operating address) If the business address (i.e. operating address) is different to the registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify the income tax reference number
VAT registration number (if issued) A document issued by the South African Revenue Service to verify the VAT registration number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

The KYC requirements for Close Corporations, also requires that First National Bank to establish and verify information in respect of individual persons that are connected to and/or who represent the Close Corporation.

These 'connected persons' are as follows:

  • All members of the Close Corporation; and
  • Agent (e.g. a person authorised to open and/or maintain a banking relationship on behalf of the Close Corporation in terms of a members' resolution, power of attorney, etc.).

The KYC requirements, for persons connected to close corporations

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

KYC requirements for South African companies


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for South African companies are set out in regulations 7 and 8 of FICA (the Financial Intelligence Centre Act, 38 of 2001). Exemption 6(1) to FICA provides exemption from certain KYC obligations in respect of public companies that are listed on an approved securities exchange, so there are different KYC requirements for South African companies that are also listed companies.

The KYC requirements, for South African companies

Establish (i.e. obtain) Verify (i.e. validate)
Registered name Form CM1 (Certificate of Incorporation) and all Forms CM9 (Certificate of Change of Name of Company) (if applicable) or CIPRO (Company and Intellectual Properties Registration Office) certificate
Registration number
Registered address Form CM22 (Notice of Registered Office and Postal Address)
Business name (i.e. operating name) If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Business address (i.e. operating address)
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approveddocument to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
VAT registration number (if issued) A document issued by the South African Revenue Service to verify your VAT registration number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified
Names of all shareholders who hold 25 %, or more, of the voting rights at an annual general meeting of the South African company A letter from the South African company's accountant/auditor/company secretary listing all shareholders who hold 25 %, or more, of the voting rights at an annual general meeting of the South African company

Names of all shareholders who hold a letter from the South African company's hold 25 %, or more, of the voting accountant/auditor/company secretary listing all rights at an annual general shareholders who hold 25 %, or more, of the voting Meeting of the South African rights at an annual general meeting of the South African company. The KYC requirements for South African companies, also requires that First National Bank to establish and verify information in respect of individual persons and non- individual persons-that are connected to and/or who represent- the South African company.

These 'connected persons' are as follows:

  • Individuals (i.e. natural persons)
  • The 'manager' of the South African company (e.g. the managing director or chief executive officer, etc.)
  • All shareholders that hold 25 %, or more, of the voting rights at an annual general meeting of the South African company, which are individuals; and
  • Agent (e.g. a person authorised to open and/or maintain a banking relationship on behalf of the South African company in terms of a directors' resolution, power of attorney, etc.)
  • Non-individuals (e.g. businesses and legal persons)
  • All shareholders that hold 25 %, or more, of the voting rights at an annual general meeting of the South African company, which are not individuals.

The KYC requirements, for individuals (i.e. natural persons) who are connected to South African companies

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

The KYC requirements, for non-individuals (i.e. businesses and legal persons) that are connected to South African companies, depend on the category/type of non-individual concerned. The general KYC requirements are as follows:

Establish (i.e. obtain) Verify (i.e. validate)
Legal form Founding documents (i.e. document/s used to register/incorporate the non-individual entity)
Registered name (if applicable)
Registration number (if applicable)
Registered address (if applicable) Official document reflecting registered address
Business name (i.e. operating name) If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Business address (i.e. operating address)
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approveddocument to verify physical address reflecting at least the business name (i.e. operating name) and (physical) head office address
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

KYC requirements for foreign companies


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for foreign companies are set out in regulations 9 and 10 of FICA (the Financial Intelligence Centre Act, 38 of 2001). Branches of foreign companies that own immovable property in South Africa are required to register as 'external companies' in terms of the Companies Act, 61 of 1973. These 'external companies' are regulated by the South African Registrar of Companies. KYC requirements for these types of companies are the same as those for South African companies. Exemption 6(1) to FICA provides exemption from certain KYC obligations in respect of public companies that are listed on an approved securities exchange, so there are different KYC requirements for foreign companies that are also listed companies.

Establish (i.e. obtain) Verify (i.e. validate)
Registered name Official documentation reflecting the registered name and registration number of the foreign company, as well as proof of registration of any name changes since incorporation (if applicable)
Registration number
Registered address Official documentation reflecting the registered address of the foreign company
Business name in South Africa (i.e. operating name) If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Business address in South Africa (i.e. operating address) If the head office address is different to the registered address and/or business address (i.e. operating address), an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Head office address
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
VAT registration number (if issued) A document issued by the South African Revenue Service to verify your VAT registration number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified
Names of all shareholders who hold 25 %, or more, of the voting rights at an annual general meeting of the foreign company A letter from the foreign company's accountant/auditor/company secretary listing all shareholders who hold 25 %, or more, of the voting rights at an annual general meeting of the foreign company

The KYC requirements for foreign companies, also requires that First National Bank to establish and verify information in respect of individual persons and non-individual persons that are connected to and/or who represent the foreign company. These 'connected persons' are as follows:

  • Individuals (i.e. natural persons)
  • Persons who are South African citizens and/or South African residentsk
  • Persons who are not South African citizens and are also not South African residents
  • Non-individuals (i.e. businesses and legal persons):
  • All shareholders that hold 25 %, or more, of the voting rights at an annual general meeting of the foreign company, which are not individuals

The KYC requirements, for individuals (i.e. natural persons) who are connected to foreign companies

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

The KYC requirements, for non-individuals (i.e. businesses and legal persons) that are connected to foreign companies, depend on the category/type of non-individual concerned.

General KYC requirements

Establish (i.e. obtain) Verify (i.e. validate)
Legal form Founding documents (i.e. document/s used to register/incorporate the non-individual entity)
Registered name (if applicable)
Registered address (if applicable) Official document reflecting registered address
Business name (i.e. operating name) Business address (i.e. operating address)
If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified
Legal form Founding documents (i.e. document/s used to register/incorporate the non-individual entity)

Note: Only information in respect of the connected non-individual(s) (e.g. businesses, legal persons, etc.) is required. We do not require information in respect of individual- and/or non-individual person(s) that are in turn connected to the non-individual (e.g. businesses, legal persons, etc.) that is/(are) connected to the foreign company.

KYC requirements for listed companies


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for South African companies (and Close Corporations) are set out in regulations 7 and 8 of FICA (the Financial Intelligence Centre Act, 38 of 2001) and the requirements to establish (i.e. obtain) and verify (i.e. validate) information for foreign companies are set out in regulations 9 and 10 of FICA.

Exemption 6(1) to FICA provides exemption from certain KYC obligations in respect of public companies that are listed on an approved securities exchange, so there are different KYC requirements for foreign companies that are also listed companies.

Note: A list of securities exchanges that have been recognised/approved in terms of FICA, which is contained in the schedule to the Regulations to FICA, which can be viewed at www.fic.gov.za. The KYC requirements, for listed companies, are as follows:

Establish (i.e. obtain) Verify (i.e. validate)
Registered name Does not need to be verified
Registration number Does not need to be verified
Registered address Does not need to be verified
Business name in South Africa (i.e. operating name) Does not need to be verified
Head office address Does not need to be verified
Income tax reference number (if issued) Does not need to be verified
VAT registration number (if issued) Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified
Proof of securities exchange listing (providing detail of where listed and listing status) Official documentation from the relevant securities exchange, or other acceptable source, reflecting current listing status

KYC requirements for other legal persons


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for other legal persons are set out in regulations 11 and 12 of FICA (the Financial Intelligence Centre Act, 38 of 2001). Other legal persons include all non-individual clients that cannot be categorised into any of the other categories of clients that are defined in the Regulations to FICA (i.e. Close Corporations, South African companies, foreign companies, listed companies, partnerships and trusts). Other legal persons also include the following 'exceptions' from the 'partnerships' and 'trusts' categories of clients, as follows:

Partnerships

  • Professional partnerships, consisting of more than twenty (20) partners, which are incorporated in terms of section 30(2) of the Companies Act, 61 of 1973 as 'Professional Partnerships', limited by partners' liability, and which are recognised as such in terms of Government Gazette notice(s) issued from time to time, as follows:
  • Public Accountant or Auditor designated by Government gazette notice number R54 dated 11 January 1974;
  • Attorney, Notary and Conveyancer designated by Government Gazette notice number R57 dated 11 January 1974;
  • Professional Engineer designated by Government Gazette notice number R1813 dated 26 September 1975;
  • Quantity Surveyor designated by Government Gazette notice number R2391 dated 19 December 1975;
  • Pharmacist designated by Government Gazette notice number R1194 dated 13 June 1980;
  • Stockbroker designated by Government Gazette notice number R89 dated 22 January 1982;
  • Architect designated by Government gazette notice number R2398 dated 23 October 1987;
  • Medical Practitioner, dentist or psychologist or a supplementary health service profession contemplated in section 32 of the Medical, Dental and Supplementary Health Service Professions Act, 56 of 1974 designated by Government Gazette notice number R1272 dated 2 August 1996.
  • Informal associations of individuals, for a common purpose/goal, where there are more than 20 individuals involved in such an informal association - e.g. stokvels, savings clubs, burial societies, etc.;

Trusts

  • Trusts that were established in terms of a testamentary writing (i.e. in terms of a last will and testament);
  • Special trusts that are established in terms of an order of court (i.e. a trust set up in terms of an order of court to administer payment of the proceeds of a settlement to applicants in respect of a land restitution claim; a trust set up in terms of an order of court for the care of minors; etc.); and
  • Trusts established for the benefit of beneficiaries of a pension-, provident- or retirement- fund.

The KYC requirements, for other legal persons

Establish (i.e. obtain) verify (i.e. validate)
Legal form
Registered name (if applicable) Founding documents (i.e. document/s used to register/incorporate the non-individual entity)
Registration number (if applicable)
Registered address (if applicable) Official document reflecting registered address
Business name (i.e. operating name) If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Business address
(i.e. operating address)
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Income tax reference number (if issued) Does not need to be verified
VAT registration number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

Individuals (i.e. natural persons)

Agent (i.e. a person authorised to open and/or maintain a banking relationship on behalf of the other legal person in terms of a resolution, power of attorney, etc.). The KYC requirements, for individuals (i.e. natural persons) who are connected to other legal persons, are as follows:

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth
Nationality South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

KYC requirements for partnerships


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for partnerships are set out in regulations 13 and 14 of FICA (the Financial Intelligence Centre Act, 38 of 2001).

Certain partnerships (as we understand/know them) are excluded from the FICA definition of partnerships. These partnerships are not excluded from KYC but are rather subject to a different set of KYC 'rules', under the category of other legal persons.
These partnerships are as follows:

  • Professional partnerships, consisting of more than twenty (20) partners, which are incorporated in terms of section 30(2) of the Companies Act, 61 of 1973 as 'Professional Partnerships', limited by partners' liability, and which are recognised as such in terms of Government Gazette notice(s) issued from time to time, as follows:
  • Public accountant or auditor designated by Government Gazette notice number R54 dated 11 January 1974;
  • Attorney, Notary and Conveyancer designated by Government Gazette notice number R57 dated 11 January 1974;
  • Professional engineer designated by Government Gazette notice number R1813 dated 26 September 1975;
  • Quantity surveyor designated by Government Gazette notice number R2391 dated 19 December 1975;
  • Pharmacist designated by Government Gazette notice number R1194 dated 13 June 1980;
  • Stockbroker designated by Government Gazette notice number R89 dated 22 January 1982;
  • Architect designated by Government gazette notice number R2398 dated 23 October 1987;
  • Medical practitioner, dentist or psychologist or a supplementary health service profession contemplated in section 32 of the Medical, Dental and Supplementary Health Service Professions Act, 56 of 1974 designated by Government Gazette notice number R1272 dated 2 August 1996.
  • Informal associations of individuals, for a common purpose/goal, where there are more than 20 individuals involved in such an informal association - i.e. stokvels, savings clubs, burial societies, etc.;

The abovementioned partnerships need to satisfy the KYC requirements for other legal persons.

The KYC requirements, for all other partnerships

Establish (i.e. obtain) Verify (i.e. validate)
Business name (i.e. operating name) Partnership agreement, or (if no partnership agreement exists) a letter from the partnership confirming that no written partnership agreement exists, identifying the business name (i.e. operating name) of the partnership
Business address (i.e. operating address) Does not need to be verified
Contact details
(e.g. name, telephone
number(s), email address, etc.)

The KYC requirements for partnerships, also requires First National Bank to establish and verify information in respect of individual persons who are connected to- and/or who represent- the partnership. These 'connected persons' are as follows:

Individuals (i.e. natural persons)

  • The person who exercises overall executive control over the partnership;
  • All partners in the partnership (including silent partners, every member of a partnership en commandite, an anonymous partnership or any similar partnership) that are individuals (i.e. natural persons); and
  • Agent(s) (i.e. the person/s authorised to open and/or maintain a banking relationship on behalf of the partnership in terms of a resolution, power of attorney, etc.).

Non-individuals (i.e. businesses and legal persons)

All partners in the partnership (including silent partners, every member of a partnership en commandite, an anonymous partnership or any similar partnership) that are non-individuals (i.e. businesses and legal persons).

The KYC requirements, for individuals (i.e. natural persons) who are connected to partnerships, are as follows:

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

The KYC requirements, for non-individuals (i.e. businesses and legal persons) that are connected to partnerships, depend on the category/type of non-individual concerned.

General KYC requirements

Establish (i.e. obtain) Verify (i.e. validate)
Legal form
Registered name (if applicable) Founding documents (i.e. document/s used to register/incorporate the non-individual entity)
Registration number (if applicable)
Registered address (if applicable) Official document reflecting registered address
Business name (i.e. operating name) If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address , reflecting at least the business name (i.e. operating name) and (physical) business address
Business address
(i.e. operating address)
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approveddocument to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

KYC requirements for trusts


The KYC (know-your-customer) requirements to establish (i.e. obtain) and verify (i.e. validate) information for trusts are set out in regulations 15 and 16 of FICA (the Financial Intelligence Centre Act, 38 of 2001).

Certain trusts (as we understand/know them) are excluded from the FICA definition of trusts. These trusts are not excluded from KYC but are rather subject to a different set of KYC 'rules', under the category of other legal persons.
These trusts are as follows:

  • Trusts that were established in terms of a testamentary writing (i.e. in terms of a last will and testament);
  • Special trusts that are established in terms of an order of court (i.e. a trust set up in terms of an order of court to administer payment of the proceeds of a settlement to applicants in respect of a land restitution claim; a trust set up in terms of an order of court for the care of minors; etc.); and
  • Trusts established for the benefit of beneficiaries of a pension-, provident- or retirement- fund.
  • The abovementioned trusts need to satisfy the KYC requirements for other legal persons.

KYC requirements for all other trusts

Establish (i.e. obtain) Verify (i.e. validate)
Identifying name Trust deed, or other founding document, in terms of which the trust is created
Identifying number
Address where the trust was registered Letters of Authority issued by the Master of the High Court where the Trust was registered (or equivalent document, for international trusts)
Income tax reference number (if issued) A document issued by the South African Revenue Service to verify your income tax reference number
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified
Name(s), and identifying number(s), of the founder(s) of the trust Trust deed, or other founding document, in terms of which the trust is created
Name(s), and identifying number(s), of the beneficiary(ies) of the trust or the manner in which beneficiaries of the trust are determined Trust deed, or other founding document, in terms of which the trust is created

The KYC requirements for trusts, also requires First National Bank to establish and verify information in respect of individual persons who are connected to and/or who represent the trust. These 'connected persons' are as follows:

Individuals (i.e. natural persons)

  • The founder(s) of the trust, who is/(are) individual(s);
  • The trustee(s) of the trust, who is/(are) individuals;
  • The beneficiary(ies) of the trust, who is/(are) individuals or the manner n which the beneficiary(ies) of the trust is/(are) determined; and
  • Agent(s) (i.e. the person/s authorised to open and/or maintain a banking relationship on behalf of the trust in terms of a trustee's resolution, power of attorney, etc.

Non-individuals (i.e. businesses and legal persons)

  • The founder(s) of the trust, who is/(are) non-individual(s);
  • The trustee(s) of the trust, who is/(are) non-individuals; and
  • The beneficiary(ies) of the trust, who is/(are) non-individuals or the manner n which the beneficiary(ies) of the trust is/(are) determined.

The KYC requirements, for individuals (i.e. natural persons) who are connected to partnerships, are as follows:

Establish (i.e. obtain) Verify (i.e. validate)
Full names
Date of birth South African issued green bar-coded identity document (for SA citizens and/or SA residents) or valid passport (for non-SA citizens and non-SA residents)
Nationality
Identifying number
Residential address Does not need to be verified
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

For individuals (i.e. natural persons) who are connected to the other legal person (e.g. agents, etc.)
Note: Only information in respect of the connected non-individual(s) (i.e. businesses, legal persons, etc.) is required. We do not require information in respect of individual- and/or non-individual person(s) that are in turn connected to the non-individual (e.g. businesses, legal persons, etc.) that is/(are) connected to the partnership.

Establish (i.e. obtain) Verify (i.e. validate)
Legal form Founding documents (i.e. document/s used to register/incorporate the non-individual entity)
Registered name (if applicable)
Registration number (if applicable)
Registered address (if applicable) Official document reflecting registered address
Business name (i.e. operating name) If the business name (i.e. operating name) and/or business address (i.e. operating address) is/are different to the registered name and/or registered address, an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) business address
Business address (i.e. operating address)
Head office address If the head office address is different to the registered address and/or business address (i.e. operating address), an approved document to verify physical address, reflecting at least the business name (i.e. operating name) and (physical) head office address
Contact details (e.g. name, telephone number(s), email address, etc.) Does not need to be verified

Documents to verify physical address


In terms of the South Africa's KYC (know-your-customer) laws under FICA (the Financial Intelligence Centre Act, 38 of 2001) all banks are required to validate client information, including physical addresses. Any document that is used to validate a client's physical address must reflect the name of the client (at least the initials and surname on the case of an individual or the trading name in the case of a non-individual) and the physical address of the client (legal property descriptions are also acceptable - e.g. erf 1 Johannesburg).

The following documents have been approved, for the banking industry, as acceptable means of verification of physical address:

ANY ONE OF THE FOLLOWING DOCUMENTS ARE ACCEPTABLE
A document produced by SARS, this does not include self assessments completed by the tax payer. Less than 1 year
A letter from a municipal representative (e.g. ward councillor), on the municipality's letterhead, confirming that an individual (or business) is permitted to reside (or operate) on land managed/serviced by that municipality, bearing the stamp of the relevant municipal authority Less than 3 months
A letter from a traditional authority confirming that an individual (or business) is permitted to reside (or operate) on communal land, signed by the relevant traditional authority and stamped with a stamp issued by government. Less than 3 months
A retailer accounts, e.g. any informal/non-bank credit arrangement: i.e. clothing accounts, pharmacy accounts, veterinary or doctor accounts, student fee accounts, co-op statements (for farmers), etc. Less than 3 months
Any government issued document: e.g. court order, subpoena, traffic fine, etc. or documentation relating to UIF and/or pension payouts, etc. Less than 3 months
Bank statement from another bank (i.e. not part of FirstRand Banking Group) Less than 3 months
Correspondence from a body corporate/share block association Less than 1 year
Documentation from an insurance or assurance company, e.g. life assurance, short term insurance, health insurance/medical aid, funeral policies, etc. Less than 1 year
Investment statement from another Investment Provider, i.e. share, portfolio or unit trust statements (i.e. not part of the FirstRand Banking Group) Less than 1 year
Mortgage statement from another mortgage lender (i.e. not part of FirstRand Banking Group Less than 6 months
Motor vehicle license documentation Less than 1 year
Population Register printout issued by the Department of Home Affairs, printed on their letterhead Less than 3 months
Rental/lease agreement Less than 1 year
Telephone account (e.g. Telkom) Less than 3 months
Utilities account, e.g. rates, taxes water, electricity, etc. Less than 3 months

Document description - the document must reflect name either initials and surname or first name(s) and surname and physical address of customer. Legal property descriptions, i.e. erf/stand numbers, are acceptable.

If you do not have the necessary documentation, reflecting your physical address, in your own name but someone living (operating) at the same address as you has documentation (from the abovementioned list) in their name, you can use their documentation, in conjunction with a letter from them, addressed to First National Bank, confirming that they live (operate) at the same address as you, to verify your physical address.

Existing customers temporarily out of the country


In terms of the KYC (know-your-customer) requirements of FICA (the Financial Intelligence Centre Act, 38 of 2001) First National Bank is required to go back to all of its existing customers, who opened bank accounts prior to 1 July 2003, to validate their information.

We have identified that a number of customers find themselves abroad and to this end, it is not possible for them to present themselves at their nearest branch with their documentation.

We have accordingly formulated the following processes to deal with these circumstances:

If you are out of the country and do not intend on returning in the short term

  • Complete the KYC Form for Individuals, reflecting your overseas residential address, and
  • Attach the following documents:
  • South African bar-coded ID document;
  • An approved document to verify your residential address; and
  • A South African Revenue Services document to verify your income tax number (if issued).

If you are out of the country temporarily and intend on returning in the short term
If you are able to produce an approved document to verify your residential address in South Africa

  • Complete the KYC Form for Individuals, reflecting your permanent residential address in South Africa, and
  • Attach the following documents:South African bar-coded ID document;
  • An approved document to verify your residential address; and
  • A South African Revenue Services document to verify your income tax number (if issued)

If your are able to get someone that they normally live with in South Africa to produce an approved document to verify your residential address in South Africa

  • The other person, that you normally live with in South Africa, should provide a letter, addressed to the bank, together with an approved document to verify your permanent residential address in South Africa - the letter should confirm:
  • That you are ordinarily resident with them;
  • That you are temporarily out of the country; and
  • Your residential address.
  • The abovementioned letter and document to verify your residential address must be accompanied by a completed KYC form for individuals, reflecting your residential address in South Africa, and
  • A copy of your South African bar-coded ID document; and
  • A South African Revenue Services ('SARS') document to verify your income tax number (if issued).

Money laundering/FICA


A law to prevent money laundering

South Africa has implemented a law that is designed to combat money laundering, which is the abuse of financial systems to hide and/or disguise the proceeds of crime. This law is known as the Financial Intelligence centre Act 28 of 2001, also referred to as FICA. In terms of this Act, the Bank is required to obtain and verify, at a minimum, a prospective customer's identity, address and source of funds. Please do your bit to assist us in complying with these customer due diligence obligations.