The deadlines by which financial institutions have to ensure that they have identified you are looming.
The Financial Intelligence Centre Act (Fica), which is aimed at stamping out money laundering, has imposed certain "know-your-client" requirements on financial institutions. By April 30, brokers, investment managers and unit trust companies must have identified a certain portion of their individual and corporate clients, and by June 30, they must have identified all their clients.
Banks also have to identify a certain percentage of what are regarded as their "medium risk" clients by May, and the rest by September 30.
All customers who are regarded as "low risk" must be identified by September 30, 2006.
In order to comply with Fica's "know-your-client" requirements, you need to take your identity book or passport and documents proving your residential address to the financial institution concerned. In some cases, you also need to supply your income tax number.
If you do not comply, access to your funds with the financial institution will be blocked and not released until you comply.
Anthony Katakuzinos, the client service director of Stanlib, says the looming deadlines affect tens of thousands of Stanlib's clients, although some may be unaware that they fall into this market segment.
"I urge all clients to establish their identities with investment companies, banks, insurers and financial intermediaries," he says.
Stanlib will be contacting all clients who are not yet Fica-compliant over the next five months.