What counts as a ‘valid proof of residence’?
My Money Matters | Written by Jacques Cilliers
03 November 2017
Everything is online these days. Well, almost everything. As our customer, you may have called on one of our branches for your banking needs, only to find out you need to have a ‘valid proof of residence’. We realise this is very frustrating and to avoid this experience, read on as we advise what exactly a ‘proof of residence’ or ‘proof of address’ is.
All banks must comply with the Financial Intelligence Centre Act (also known as FICA). This Act is the government’s response to the global fight against money laundering and fraud. To comply with the Act, banks must identify, verify and update their customers’ information, which includes their proof of residence or proof of address. In short – these efforts ensure a safer financial system for all of us. For more on how you can be FICA- compliant, read our blog post.
So, what qualifies as a ‘valid proof of residence’?
An important tip: make sure the postal code you provide is the correct one for your suburb, town or city. If it’s not, your Proof of Address can be rejected. Any questions? You’re welcome to tweet us for any clarification.
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Disclaimer: The advice contained on this blog is for general purposes only and does not take into account individual circumstances, objectives or financial needs. Accordingly, readers are advised to seek appropriate advice from licensed professionals prior to making any investment, or taking up a financial product or service.
