Datanamix | Solutions

Know Your Customer

We understand the importance of KYC compliance for businesses in South Africa. As a leading provider of compliance solutions, we help simplify and enhance your KYC compliance journey. Our state-of-the-art services ensure that you can confidently navigate regulatory landscapes, adhering to the highest standards of integrity and transparency. With our assistance, you can embrace KYC compliance as a catalyst for growth and resilience, safeguarding your business while fostering lasting customer relationships. Let us help you achieve impeccable KYC compliance with our solutions.

KYC Compliance in South Africa: What does it entail?

KYC compliance in South Africa refers to verifying customers' identity and assessing their risk levels to prevent financial crimes such as money laundering, terrorist financing, and fraud. The Know Your Customer (KYC) regulations in South Africa require financial institutions and other regulated entities to gather and verify certain information about their customers.

When discussing KYC compliance in South Africa, we must start with the Financial Intelligence Centre Act (FICA). FICA is the primary legislation governing anti-money laundering and counter-terrorism financing in South Africa. It exists to establish measures to prevent money laundering and the financing of terrorist activities and to protect the integrity of the South African financial system.

KYC Solutions

The FICA Factory system aims to provide a fully automated and digitised KYC system that allows KYC compliance with regulations for both juristic and natural persons. The system is designed to be easily integrated with any rules engine, enterprise services bus (ESB), or workflow engine to trigger events and is aligned with any RMCP.

KYC Infinite is a groundbreaking software that aims to combine customer experience and assist businesses in seamlessly achieving FICA compliance. It also assists them in transitioning from a product risk-based approach to a customer-centric risk-based approach. KYC Infinite caters to existing and new customers and monitors them on an ongoing basis, ensuring continuous KYC compliance. We have access to all the necessary golden source data assets and alternate data sources to conduct due diligence.

KYC Products

ID Verification

Bank Verification

ID Verification

Ensure compliance and accuracy with DHA (Department of Home Affairs) identity verification. By cross-referencing provided identity information with official records, businesses can confidently authenticate the identities of their customers, reducing the risk of fraudulent activity.

FaceTec

Utilise advanced facial recognition technology provided by FaceTec to enhance KYC processes. By verifying identities through biometric facial scans, businesses can establish a secure and seamless onboarding experience for customers, bolstering trust and compliance.

PhoneID

Capture and validate ID photos as part of the KYC process. Accurate ID photo verification adds an additional layer of security and authenticity, enabling businesses to confirm the identity of customers and mitigate identity theft or impersonation risks.

Bank Verification

Verify the authenticity of customer bank accounts to prevent fraudulent transactions and ensure compliance with KYC regulations. By confirming ownership and validity of bank accounts, businesses can enhance security, reduce financial risks, and build trust with customers.

AML – Premium

Implement premium Anti-Money Laundering (AML) solutions to detect and prevent high-risk activities effectively. By leveraging advanced algorithms and data analytics, businesses can identify suspicious transactions, comply with regulations, and safeguard against financial crime.

AML – Standard

Employ standard Anti-Money Laundering (AML) protocols to screen and monitor customer transactions for potential risks. With standardised procedures and automated checks, businesses can maintain compliance with regulatory standards and mitigate the threat of money laundering activities.

AML – Basic

Implement basic Anti-Money Laundering (AML) measures to assess and manage financial risks associated with customer transactions. By conducting fundamental checks and screening procedures, businesses can enhance transparency, integrity, and regulatory compliance within their operations.

CIPC Verification

Business Credit Checks

CIPC Verification

Verify the registration status, company details, and ownership structure to ensure compliance with CIPC regulations. Accurate CIPC data is crucial for KYC in B2B transactions, offering transparency and confidence in business dealings.

Director Search

Extend KYC procedures to individual directors associated with business entities, ensuring a comprehensive understanding of their backgrounds and affiliations. By evaluating director profiles, including previous business involvements and regulatory histories, organisations can enhance risk assessment and due diligence practices in B2B relationships.

AML – Premium

Utilise advanced AML solutions to detect and prevent money laundering activities within B2B interactions. Enhanced due diligence, real-time monitoring, and sophisticated risk analysis are integral components of premium AML services, ensuring regulatory compliance and safeguarding against financial crimes.

AML – Standard

Implement standard AML protocols to identify and mitigate risks associated with money laundering in B2B transactions. Standard AML practices encompass customer due diligence, transaction monitoring, and reporting suspicious activities, fostering a secure business environment while adhering to regulatory requirements.

AML – Basic

Employ foundational AML measures to establish a baseline level of compliance and risk mitigation in B2B engagements. Basic AML procedures typically include verifying customer identities, screening for sanctioned entities, and maintaining transaction records, laying the groundwork for regulatory adherence and fraud prevention.

Business Credit Checks

Assess the creditworthiness and financial stability of business entities through comprehensive credit reports. Evaluating factors such as payment history, outstanding debts, and credit utilisation helps mitigate risks and facilitates informed decision-making in B2B transactions.

Industry Solutions

Gain full access to an extensive variety of products and data, which can assist you in reducing your company's credit risk and making better-informed decisions.

Identity
Management

Customer
Management

Account
Origination

Marketing
Services

Business
Verification

Collections &
Recoveries

Digital
Onboarding

Looking for some reading material

Blog Image (POPIA &FICA)

Navigating Legal Crossroads: Understanding The Interplay Between POPIA And FICA

Blog (Employee Screening)

Navigating The Latest FICA Frontier: FIC Directive 8 – Employee Screening

Blog (Risks Dont Wait)

Prioritise Due Diligence: Risks
Don’t Wait

February 1, 2024

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