{"id":45786,"date":"2023-07-16T18:56:57","date_gmt":"2023-07-16T18:56:57","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end"},"modified":"2023-07-16T19:06:42","modified_gmt":"2023-07-16T19:06:42","slug":"nbm-extends-kyc-exercise-to-august-end","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end","title":{"rendered":"NBM extends KYC exercise to August end"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more time to update their information.<\/p>\n

NBM started the exercise mid-June and was scheduled to end on Monday, July 10, which caused panic among customers resulting in congestion in banking halls in almost all the service centers, fearing their accounts could be blocked.<\/p>\n

However, speaking during a press briefing on Wednesday, NBM Chief Risk Officer, Charles Ulaya said the process is a requirement because customers are dynamic in that their sources of income, addresses and other things captured within KYC may change periodically.<\/p>\n

\u201cCustomers do not necessarily need to come to service centres as they can submit through emails in their respective service centres. The exercise is a requirement of our Anti Money Laundering (AML) Combating the Financing of Terrorism (CFT) policy as well as the Financial Crimes Act which requires customers to update their information periodically.<\/p>\n

\u201cNBM policy requires high-risk customers to update KYC data every one year, two years for moderate-risk customers and low-risk customers every three years,\u201d he said.<\/p>\n

Ulaya also said customers residing abroad or unable to visit the service centres in person, have to update their information online, while those whose details have not changed in the past three years need not to go to the Bank and update their KYC information.<\/p>\n

\u201cFor customers with expired National IDs but no other alternative cards\/ NRB replacement forms, they can still bring their expired National IDs together with the NRB updated form which has an attached QR CODE.<\/p>\n

\u201cFor students that are not working, but transact above the minimum, they need to bring a scholarship letter, a letter from a sponsor or where they self- finance, an explanation on the same.\u201d<\/p>\n

\u201cStudents should also update their KYC information. Most are rated low risk. However, for those that engage in transfers beyond the minimum threshold they need to provide proof of source of funds. For customers that are doing small scale business, they can detail on the form the nature of the business they are undertaking,\u201d he explained.<\/p>\n

The news to extend the deadline has been welcomed by customers who earlier expressed their discomfort on the bank\u2019s Facebook page.<\/p>\n

\u201cThanks for the development,\u201d reads a comment by Emmanuel Dillon.<\/p>\n

The KYC exercise is expected to be carried out after three years, in accordance with the Financial Crimes Act 2023.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more time to update their information. NBM started the exercise mid-June and was scheduled to end on Monday, July 10, which caused panic among customers resulting in congestion in banking halls in almost all […]<\/p>\n","protected":false},"author":84,"featured_media":45785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,371,234],"class_list":["post-45786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nNBM extends KYC exercise to August end - Malawi<\/title>\n<meta name=\"description\" content=\"National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBM extends KYC exercise to August end\" \/>\n<meta property=\"og:description\" content=\"National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-16T18:56:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-16T19:06:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"851\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NBM extends KYC exercise to August end\",\"datePublished\":\"2023-07-16T18:56:57+00:00\",\"dateModified\":\"2023-07-16T19:06:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\"},\"wordCount\":416,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\",\"name\":\"NBM extends KYC exercise to August end - Malawi\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg\",\"datePublished\":\"2023-07-16T18:56:57+00:00\",\"dateModified\":\"2023-07-16T19:06:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg\",\"width\":1280,\"height\":851,\"caption\":\"NBM extends KYC exercise to August end\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/malawi\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NBM extends KYC exercise to August end\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/\",\"name\":\"Malawi\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NBM extends KYC exercise to August end - Malawi","description":"National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end","og_locale":"en_US","og_type":"article","og_title":"NBM extends KYC exercise to August end","og_description":"National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more ...","og_url":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end","og_site_name":"Malawi","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-07-16T18:56:57+00:00","article_modified_time":"2023-07-16T19:06:42+00:00","og_image":[{"width":1280,"height":851,"url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"NBM extends KYC exercise to August end","datePublished":"2023-07-16T18:56:57+00:00","dateModified":"2023-07-16T19:06:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end"},"wordCount":416,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg","keywords":["Africa Press","Africa Press-Malawi","Malawi"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end","url":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end","name":"NBM extends KYC exercise to August end - Malawi","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg","datePublished":"2023-07-16T18:56:57+00:00","dateModified":"2023-07-16T19:06:42+00:00","author":{"@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"National Bank of Malawi (NBM) Plc has extended its Know-Your-Customer (KYC) exercise to August 31 to give customers more ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#primaryimage","url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg","contentUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1689518161.010568.jpg","width":1280,"height":851,"caption":"NBM extends KYC exercise to August end"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-extends-kyc-exercise-to-august-end#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/malawi\/"},{"@type":"ListItem","position":2,"name":"NBM extends KYC exercise to August end"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/malawi\/#website","url":"https:\/\/www.africa-press.net\/malawi\/","name":"Malawi","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/45786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/comments?post=45786"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/45786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media\/45785"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media?parent=45786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/categories?post=45786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/tags?post=45786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}