FNB ‘KYC Doc Uploader’ simplifies FICA process for businesses

Marcel Klaassen

As part of an ongoing bid to encourage more businesses to comply with the Financial Intelligence Agency Act (FICA), FNB has launched KYC Doc Uploader, an innovative solution that allows non-compliant business owners to conveniently upload outstanding FICA documents online.

Business owners that are not yet compliant will now get a message prompting them to update their FICA documents when logging into their FNB Online Banking profile. Once all the outstanding documents have been uploaded, their information and FICA status will be verified within two working days.

Marcel Klaassen, Head of Sales at FNB Business says KYC Doc Uploader is not only a proactive and efficient way of driving the FICA message, but also gives customers peace of mind by simplifying the FICA process. Furthermore, we consider it a significant milestone as it complements the Bank’s efforts to comply with FICA and KYC regulations, helping us to ensure that all client accounts are supported by updated, legally required information and documentation.

“Our strategy entails listening and always putting our customers first.  We’ve come a long way in better understanding the challenges they encounter on a daily basis, this places us in a good position to develop innovative banking solutions that give them peace of mind, helping them to focus on their core businesses,” adds Klaassen.

Legislation compels all financial institutions in South Africa, including banks to know their customers and verify their sources of income and funds. Consequently, FNB regularly reviews its compliance with FICA and KYC regulations, and on an ongoing basis identifies accounts that are non-compliant. These business owners are notified of their accounts’ non-compliance via SMS and email, requesting that they provide the Bank with updated information and documentation.

“KYC Doc Uploader has now broadened communications channels around FICA by enabling us to effectively use our Online Banking platform to notify clients about compliance. This is done at a time when banking is top of mind, providing clients with a safe and easier way of submitting FICA documents anytime, from the comfort of their homes or workplace,” says Klaassen.

As soon as non compliant clients log into their FNB Online Banking profile they can either take action immediately and complete their FICA process digitally or opt to postpone, and continue getting a FICA messages every time they log in.

Klaassen urges businesses that are not yet FICA compliant to take advantage of this new innovative solution and submit all outstanding documentation and information to the bank as soon as possible. Customers using KYC Doc Uploader will be guided through the process and will be able to upload their documents in a number of different formats.

“Once we have exhausted all means to reach customers and encourage them to comply with FICA, we will be legally obliged by the South Africa Reserve Bank (SARB) to freeze non compliant accounts. This action is regrettably carried out as the very last resort,” explains Klaassen. 

For more information customers can contact the Business KYC/FICA desk on 087 335 5405 or email BusinessFICADocs@fnb.co.za