Under South African AML and FICA requirements, all deposits and withdrawals must be made only through payment methods registered in the verified client’s own name. This rule is strictly enforced to prevent fraud, third-party payments, and misuse of accounts.
Does the account holder name need to exactly match the payment method name?
Yes. The name on your bank account, card, or electronic wallet must match the name on your trading account. This verification forms part of mandatory AML and KYC checks.
As a licensed intermediary, Weltrade SA (PTY) Ltd must ensure that:
You are the beneficial owner of the funds
Deposits originate from your own payment method
Withdrawals follow the same source rule, returning funds to the original deposit method
Must the payer’s name match my name?
Yes. Third-party payments are not allowed. Deposits or withdrawals made through accounts belonging to another person are prohibited, even with consent.
What happens if the names do not match?
If a discrepancy is identified, the transaction may be:
Rejected
Placed on hold
Refunded to the original source
Resolutions may require additional documentation or compliance review before funds can be released.
Why is this rule necessary?
Matching names help ensure compliance with AML and FICA regulations by:
Preventing money laundering and fraud
Ensuring traceability of funds
Protecting you from unauthorized transactions
Key takeaways
Your payment method must be in your own name and match your trading account details exactly. This requirement is mandatory under South African regulation and helps ensure secure and compliant fund handling.