The deadline for banks to verify the identity and details of clients in terms of the Financial Intelligence Centre Act 2001 is October 31.
The Financial Intelligence Centre warned on Friday that after Sunday banks will be compelled to stop transactions on the accounts of clients who have failed to meet the deadline.
“The Financial Intelligence Centre accepts that banks have done their utmost to ensure that they comply with their obligations and commends the banking sector for its huge efforts in this regard.
“In order to give practical effect to their legal obligations, banks are expected to immediately give notice to non-cooperating clients that they will be enforcing the deadline,” the centre said in a statement.
It said that all affected clients who are unsure of their status, should contact their banks immediately, and take immediate steps to meet their banks’ requests, if needed.
“The Financial Intelligence Centre thanks all banks and cooperating clients for their contribution toward fighting crime,” it added. — I-Net Bridge