The Bankers Association of Malawi is advising customers of all banks that banks will be requesting for customers details in order to comply with the Money Laundering and Proceeds of Serious Crime Act, which was enacted in August 2006 and obliges all banks to keep more comprehensive details for its customers.
Some of the details that will be requested will be:
- Customers' current contact details - both physical and postal
addresses (customers will be requested to draw a map to their
physical location), telephone/ cell phone numbers.
- Customer's identity - passport, driver's licence or other plausible
identity in their circumstances.
- Customer's registration certification in the case of business entities.
- Customer utility bills as proof of residence e.g. ESCOM bills, water
bills, city rates bills, Malawi Housing Corporation bills or title deeds,
- These details shall also be requested of Business Partners, Directors
or Trustees of the customers, as the case may be.
- Sources of funds.
The Bankers Association of Malawi is, therefore, requesting customers of all banks in Malawi to assist the banks to comply with this law by providing the details requested of them.
Customers are further advised that those customers who do not respond positively to the requests made by their banks may risk closure of their accounts for non-compliance.