Anti Money Laundering

Money Laundering is a process by which criminals hide or disguise the proceeds of their crime so that they appear to have originated from a legitimate source. Money Laundering has been identified as the third biggest business activity internationally. Our Obligations Sections 21 and 22 of FICA, and the regulations thereto, require all South African banks to ensure that they have correct details of all their customers by establishing and verifying certain customer details. What this means for Al Baraka Bank’s customers is that they are required to provide the bank with certain information and documents to enable the bank to meet their obligation to comply with FICA. Our Commitment Al Baraka is committed to ensuring that our FICA identification or re-identification processes are done in a responsible manner. We have set up an infrastructure aimed at contacting our customers and encouraging you to come into our branches to verify your details. What You Need to Do You need to supply us with documents that allow us to verify your identity. The information and documents required vary depending on whether you are our customer in a personal individual capacity or part of an entity.