Account Maintenance and Updates

Purpose

This document outlines the procedures for maintaining and updating client account records in the Bank's Core Banking System (CBS). Accurate and timely account maintenance is essential for regulatory compliance, client service quality, and operational integrity.

Scope

This procedure applies to all account maintenance activities across retail and corporate client segments, including changes to personal or corporate details, signatory amendments, product modifications, and periodic KYC refreshes.

Types of Account Maintenance

Category	Examples	Approval Level
Personal/Corporate Details	Name change, address update, contact details, tax residency	Operations Officer
Signatory Changes	Addition/removal of signatories, mandate changes	Operations Supervisor + Compliance review
Product Modifications	Account type conversion, currency addition, facility amendments	Operations Manager
KYC Refresh	Periodic KYC review, risk re-assessment	Compliance Officer
Account Restrictions	Debit/credit blocks, transaction limits, channel restrictions	Operations Supervisor

Procedure

Step 1: Request Submission

The client submits a maintenance request via an approved channel: branch visit (with completed amendment form), secure online banking portal, or authenticated written correspondence.
All requests must be accompanied by appropriate supporting documentation (e.g., legal name change certificate, updated identification, board resolution for signatory changes).
For corporate accounts, signatory changes require a board resolution or equivalent authorising document, along with specimen signature cards for new signatories.

Step 2: Verification

The Account Maintenance Officer verifies the identity of the requestor against the account records. For branch requests, this includes photo ID verification. For remote requests, the officer follows the Bank's remote authentication protocol.
The officer reviews the supporting documentation for completeness and authenticity.
For signatory changes on corporate accounts, the officer verifies the board resolution against the registered directors on file and confirms that the authorising signatories have the requisite authority.

Step 3: Processing

The officer enters the requested changes into CBS, ensuring that the previous values are captured in the amendment log for audit trail purposes.
Changes are applied in accordance with the maker-checker principle: the initiating officer enters the change, and a second officer (of equal or higher authority) reviews and approves it.
For high-risk changes (signatory amendments, mandate changes, account restrictions), the Compliance team is notified via the CBS workflow engine for additional review.

Step 4: Confirmation

Upon successful processing, the client receives written confirmation of the changes, including the effective date and a summary of the amendments.
Confirmation is issued within two (2) business days for standard changes and five (5) business days for complex changes requiring Compliance review.

KYC Refresh Schedule

The Bank is required to periodically review and refresh client KYC records in accordance with regulatory requirements and the Bank's risk-based approach:

Client Risk Rating	KYC Refresh Frequency	Review Owner
Low Risk	Every 5 years	Account Management team
Medium Risk	Every 3 years	Account Management + Compliance
High Risk	Annually	Compliance team

The CBS system generates automated KYC refresh alerts 90 days prior to the due date. Failure to complete a KYC refresh by the due date may result in account restrictions (debit block) until the refresh is satisfactorily completed.

Service Level Agreements

Change Type	Processing Time
Address / Contact update	Same business day
Name change	2 business days
Signatory amendment	3–5 business days
Product modification	3–5 business days
KYC refresh	10 business days (from document receipt)

Audit and Compliance

All account maintenance activities are subject to periodic review by Internal Audit. A monthly Account Maintenance Report is generated from CBS and reviewed by the Head of Account Management to identify trends, exceptions, and potential process improvements.