Marcel Klaassen In a bid to combat the increasing spate of fraud, South African Banks are legally required to establish the source of funds coming into their customer’s bank accounts. As a result, banks regularly review their compliance with the Financial Intelligence Centre Act (FICA) and Know-Your-Customer (KYC) regulations to ensure that customer accounts are supported by updated, legally required information and documentation. Marcel Klaassen, Head of Sales at FNB Business says financial institutions, on an ongoing basis identify accounts that are non-compliant. The account owners are notified of their accounts’ non-compliance and are requested to provide their respective banks with updated information and documentation. He cautions businesses against making common FICA compliance mistakes that could result in them failing to submit the required documentation on time, leaving banks with no option but to restrict the account activities on such non-compliant accounts, as the ver...