Maseru – Bankers Association of Lesotho BAL has launched a joint re-verification campaign in which they are asking their customers to update their personal details until September 30th.
BAL Chairperson Mr. Mpho Vumbukani said this at a press conference in Maseru, saying the Association has extended submission for the next three months after which, banks will freeze accounts whose details will have not been updated.
Mr. Vumbukani said all banks in the country are doing this, and that means everybody who has a bank account and has not updated their records will be affected, therefore, it is important that Basotho heed the call and approach the matter with urgency.
He said Know Your Customer is a legal instrument because governments have put this requirement as a control and monitoring instrument towards combating money laundering and financing of terrorism, both of which are a global concern.
He said for people to update, they need their personal identity which include valid passport, national Identity Document or a valid driver’s license, and to prove their physical location, they require a utility bill not more than three months old, a letter from a public authority, or a lease document and all the sources of income.
Reports indicate that in October 2015, banks sent out communication to all customers requesting them to update their personal records at their respective banks, and the call was heeded by many but not all bank clients.