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What is KYC?

Know Your Customer (KYC) legislation has been introduced in most major financial centres across the globe.

KYC legislation is driven by recommendations and standards set by the Financial Action Task Force (FATF). The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. Read more on the FATF website.

The risk-based approach

A fundamental feature of the latest recommendations (amendments) from FATF, which led to many countries amending their KYC laws, is the migration from a rules-based approach to a risk-based approach. This is seen as a major enhancement of all previous anti-money laundering (AML) strategies. The rules-based approach involves Accountable Institutions (AI) taking ownership of the crucial roles they play in protecting the integrity of the global financial system.

Key aspects of the amendments are:

The introduction of the Risk Management and Compliance Programme (RMCP).

The extension of the Know Your Customer (KYC) obligations.

RMCP

RMCP is an articulation of the procedures that the accountable institution will employ to satisfy its KYC obligations and KYC compliance under the new amendments. This ensures that the accountable institution adheres to its own RMCP design, as well as ensuring that the RMCP design is in sync with international AML requirements.

Know Your Customer (KYC) obligations

The amendments have substantially extended the KYC obligations, particularly where trusts, partnerships and juristic persons (a human being (natural person) or a group of human beings, a corporation, a partnership, an estate, or other legal entity (artificial person or juristic person) recognised by law as having rights and duties) are concerned, whereas previously the KYC duty was confined to the identification of the client and the confirmation that it existed.

Accountable Institutions must now dig deeper and inquire into matters such as the nature of the client’s business operations, and the identity of its ultimate beneficial owner (UBO), being the natural person who ultimately benefits from the client’s assets and profits.

The FICA Factory system

The objective of Datanamix's FICA Factory system is to deliver a compliant, automated and fully digitised KYC system that caters for both juristic and natural persons, in a manner that is aligned with any RMCP and that can integrate with any rules engine, enterprise services bus (ESB) or workflow engine to trigger events.

Fully configurable process flow of the FICA Factory system

A Business entity consists of the entity itself, as registered with the companies registrar, as well as associated individuals (natural persons), whether principal members (Directors), Trustees, UBO’s or other parties identified by board-resolution (Signatories), all of which are catered for by the system. Although similar in approach, the business entity has certain verification requirements that are different in comparison to that of a natural person. The business entity process explodes into multiple verifications for each associated natural person (Directors, UBO’s, Signatories, etc).

The business itself is therefore subject to verification methodologies designed to verify the entity, including natural persons linked directly, or by association, to that entity. Each natural person associated with the business entity is individually verified. Sole Proprietors that are classified as business entities are verified as natural persons.

FICA Factory can be triggered from any website or forms-based front-end, ESB, rules engine or workflow engine that can communicate via web services. The triggers are sent via the SigniFlow EventHandler to the FICA Factory platform that then either follows a built-in configuration of events (“IF-THEN” rules for pass and fail events), or every event is communicated back to the origination platform via the SigniFlow Event Handler, enabling it to query its own rules and sequences in order to trigger further events individually, as micro-components.

FICA Factory software is delivered in two main process components, defined as Identity Kits “IDK”, namely Business IDK and Consumer IDK.

Consumer KYC verification

Proof of life
3D Facial recognition
Identity verification
Home Affairs photo verification
Address verification
Digital address verification

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Business KYC verification

Business verification
Company / entity verification (CIPC)
Principle member verification
Data-driven Director's verification (CIPC)
Address verification
Business address verification
Web-source
Internet scraping
Ownership registrations
SSL, GLIEF, WHOIS, etc.
Social media presence
Pages on Facebook, Twitter, LinkedIn, etc.
Sanctions
International sanctions check APIs

We strive to supply a totally paperless KYC system with minimum, or no document uploads.

The system automatically produces a declaration for the customer to sign, which can be done together with an application form or sales contract.

The compliance team receives a detailed compliance report, automatically produced by the system, based on all data collected throughout the process.

Batch Service Available

Related KYC / AML products and APIs

» Digital customer Onboarding
» OFAC
» AML Sanctions Screening
» FaceTec 3D Proof of Life
» Global Data Verification

Please contact us for more information, or request a demo of the FICA Factory system

Contact Sales

FICA Factory

Book a Demo

What is KYC?

The risk-based approach

The FICA Factory system

Consumer KYC verification

Proof of life

Identity verification

Address verification

Business KYC verification

Business verification

Principle member verification

Address verification

Web-source

Ownership registrations

Social media presence

Sanctions

Related KYC / AML products and APIs

Please contact us for more information, or request a demo of the FICA Factory system