Banking Regulations

Know your customer

Know your customer (KYC) is an international convention practised by banks and other public companies to validate the identity of people and companies with whom they do business. The practice is in place to help prevent identity theft fraud, money laundering and financing of undesirable entities such as terrorist groups etc.

Stanbic Bank is committed to eradicating fraud and criminal activity. As such, we are required to obtain proof of identity from all our clients. Whenever you transact with the bank you will need to produce a valid driver's licence, national ID card or passport as proof of identity.

In some instances, such as when opening an account, you will also need to produce proof of residential address and source of funds. A public utility bill, issued no longer than six months prior to your application for a new account, will be accepted as proof of residence.

These measures are in place to protect both the bank and our customers.


USA Patriot Act

The USA Patriot Act was signed into law by the US Government on 26 October 2001. Under this new law US banks are required to obtain a certificate from their overseas correspondent banks confirming their ownership structure, regulators and physical presence.

Click on the link below to download an updated version of the USA Patriot Act Certification signed on our behalf. Should you have any questions or need more information regarding this certification, please e-mail Standard Bank Global Financial Institutions at [email protected].


Basel II

In June 1999, the Basel Committee issued a proposal for a New Capital Adequacy Framework to replace the 1988 Accord.

On 26 June 2004, following extensive interaction with banks and industry groups, the Basel Committee published the International Convergence of Capital Measurement and Capital Standards: a Revised Framework, the new capital-adequacy framework, commonly known as Basel II.

Click here to download an interactive position paper of frequently asked questions

It is suggested that visitors download the announcement and presentation files to their desktops and open it using Windows Explorer in the following manner:

  • Click on the link above using the "right" mouse button
  • Select "Save Target As..."
  • Select "Save"
  • Open "Windows Explorer" Double click on the downloaded file with the "left" mouse button