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Newsletter - January 2005
Nedbank Namibia Cycle Tour,
The Fight Against Money Laundering
Nedbank Namibia Cycle Tour
If you enter the Nedbank Namibia cycle tour and apply for a home loan before 31 March 2005 or bring your existing home loan to Nedbank Namibia, we will give you a rate of prime minus 1,75%. Please try to supply proof of your entry into the cycle tour (copy of deposit slip or print out of online entry). All cycle tour entries will be verified before the special home loan rate is awarded.
That's not all. The bank is currently running a 0% vehicle finance campaign, in which 10 lucky winners can win zero interest on their car loans for the first two years. All deals from now until 31 March 2005 will be financed at an interest rate of prime minus 1%. The best news, however, for all the enthusiastic cyclists is that we have decided to draw five of the 10 lucky winners from those who have entered the cycle tour and financed their new or second-hand vehicle through Nedbank Namibia before 31 March 2005.
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The Fight Against Money Laundering: How Will It Affect You?
As you are aware, since the terrorist attacks on 11 September 2001 in New York and Washington, there has been an enhanced effort world-wide to stamp out terrorism and prevent criminals from laundering illegally obtained funds.
A key element in the fight against money laundering and financing of terrorism is the need for a country's systems to be monitored and evaluated according to international standards and best practices. This has led to unprecedented levels of communication, co-operation and collaboration within the financial industry and amongst governments worldwide including our own.
The Namibian Government is in the process of promulgating Anti-Money Laundering legislation in the form of the Financial Intelligence Bill. This Bill will introduce new procedures and statutory requirements aimed at preventing and combating money laundering activities by encouraging voluntary compliance and self-regulation from ALL banking institutions.
The new legislation will impose stricter obligations on all financial institutions to verify the identity and personal details of all new and existing customers, and to keep record of this information.
We appreciate the understanding and assistance of all our valued customers in providing the required information to us in our endeavour to comply with this legislation and combat money laundering.
However, in respect of our credit card product, this falls under the legislative requirements of Nedbank Limited in South Africa which is called the Financial Intelligence Centre Act 38 of 2001 (FICA). Therefore, we request that any clients holding a credit card take note of any communications being issued by Nedbank South Africa with regards to client identification and verification and confirm their personal details accordingly. We urge you to comply without delay as the Bank is obliged by law to restrict/block transactions on any credit card account that does not have the necessary customer identification details on file.
The above notification will also apply to all Partnerships and Trusts that utilize the credit card facilities.
Please note that more information will be forwarded to you in due course.
We would like to thank all our customers for your patience and understanding.
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