The Financial Intelligence Centre Act 38 of 2001 (FICA) and its regulations have changed the nature of banking services and verification processes.
But it seems a number of Standard Bank customers are not benefiting from the financial security that the Act is meant to bring.
(Also read our article: The science of FICA - and why you need to FICA this and FICA that)
Caller, Megan says that her account was irreversibly closed and her funds suspended due to FICA-related compliance issues.
Despite having updated their information, several other CapeTalk listeners called to share similar experiences of irregularity.
Hannah Sadiki, Head of Customer Channels at Standard Bank gave feedback and responded to other customer calls related to FICA concerns.
Listen to the full conversation, with Pippa Hudson standing in, on CapeTalk's Breakfast with Kieno Kammies:
This article first appeared on 702 : Standard Bank responds to clients over FICA and customer-service frustrations