AH
Alwin H

1 reviews | Active since Aug 2013

17 Jan 2023, 10:46

KYC Process not working

I've been struggling to complete the KYC (FICA Reverification) for two FNBy Accounts linked to my Private Clients Bank account. I've first received an email on 1 November 2022 stating that my account needs to be updated for FICA.

While I have responded on the same day I have not received a response up until 21 December 2022. The tone of the email was written extremely unprofessionally to such an extend that it seemded to be a phishing ****. Again I rep**** to the email as I needed clarity on the documents that were provided but whoever is monitoring these *** emails are clearly not trained to assist clients. The requests did not provide the necesary information to enable me to know what exactly must be done and requests for assistance were left unanswered. It does not help if requests are sent by email but those emails is written similar to a nigerian ****.

I ended up calling the Private Banking suite because I was concerned that this might be a ****. They at first advised that my accounts are fine and that I should ignore the emails as it might be a ****. I've then mentioned the fact that I had the FNBy accounts which propted another look by the persoon I spoke to who advised that those accounts needs to be verified and that I need to redo the KYC process.

The process as it is a problematic and not user friendly. Further it must be noted that the regulations related to KYC requirements have changed and that the Financial Intelligence Centre issued a Guidance note 3A in 2022 to this effect which states that:

"accountable institutions need to undertake regular reviews of their existing client records. An appropriate time to do so is when a transaction of significance takes place; or when there is a material change in the way the account is operated;"

Nothing on those accounts have change since the previous verification to prompt a review according to the guidance of the FIC.

This must have been the worst experience that I have had with all my dealings with FNB or any of the subsiduaries.

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