Banks Tighten Identification Procedures for Customers Transacting

The Financial Intelligence Authority FIA has downplayed the significance of notices being sent to some customers of commercial banks informing them of the identification requirements when making transactions with their banks.Some customers of some banks have been receiving the communication saying that it is in line with the FIA requirements. “Dear Customer, as a regulatory requirement by FIA, you will need to present your NIN or passport for all cash/cheque transactions. For queries, call 0800222333,” a notice from Absa Bank reads. Asked as to whether the FIA directed the banks to issue the notices and why, or whether it targeted specific individuals,…