Solutions | Know Your Customer

FICA Compliance in South Africa

Financial institutions must ensure that their systems and processes are up-to-date and robust enough to maintain FICA compliance.

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FICA Compliance in South Africa

FICA compliance in South Africa is critical to the country's anti-money laundering (AML) and counter-terrorism financing (CTF) framework. The law requires financial institutions to perform due diligence on their clients to ensure ongoing FICA compliance and prevent criminal activities like money laundering and terrorism financing.

FICA compliance in South Africa involves procedures financial institutions must follow to identify, verify, and monitor their clients' transactions. These procedures include customer identification and verification, risk assessment, record-keeping, and reporting suspicious transactions to the authorities.

Financial institutions must ensure that their systems and processes are up-to-date and robust enough to maintain FICA compliance. Failure to comply with FICA regulations can result in significant penalties, including hefty fines, reputational damage, and even imprisonment. Therefore, FICA compliance should be a top priority for all financial institutions operating in South Africa.

How to be FICA complaint in South Africa

In South Africa, individuals and businesses are required to comply with the Financial Intelligence Centre Act (FICA). To be FICA compliant, individuals must provide proof of identification and address, such as a valid South African ID or passport, utility bills, or bank statements.

Businesses must submit all necessary documentation for FICA compliance, including proof of registration, tax certificates, and details of the company's directors and shareholders. In addition, both individuals and businesses must report any suspicious or unusual transactions to their financial institution to maintain FICA compliance. It is essential to keep all FICA-related documentation up-to-date and readily accessible for future FICA compliance checks.


Our Solution: FICA Factory

FICA Factory is your one-stop solution that provides comprehensive, automated, and digital KYC reports that meet the requirements for legal entities and individuals in a way that is consistent with any RMCP. It can also integrate with any rules engine, enterprise services bus (ESB), or workflow engine to activate events. The solution has been designed to determine who the Ultimate Beneficial Owner (UBO) of a complex business structure is.

FICA Factory provides a business with the below information:

Consumer KYC verification

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Proof of life
3D Facial recognition

Identity verification
Home Affairs photo certification

Address verification
Digital address verification with source

Anti-Money laundering
One-stop Sanctions, F/DPEP/F/DPIP, and Adverse Media solution

Source of funds
Bureau regulated NCR spend and industry classification

Geolocation view
Google Place / Panorama Search

Social media screening
Pages on Facebook, LinkedIn, X and other social media platforms

AI Document Identification
AI Extraction technology

Business KYC verification


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Our goal is to provide a KYC system that is completely paperless and requires minimal or no document uploads. The system will generate a declaration for the customer to sign, which can be completed alongside an application form or sales contract. The compliance team will receive a comprehensive compliance report that is automatically generated by the system, based on all the data collected during the process.

Business verification
Company / entity verification (CIPC)/ Sole Proprietor (ID Verification

Principle member verification
Data-driven Director’s verification (CIPC)

Address verification
Business address verification

Web-source
Internet scraping

Social media presence
Pages on Facebook, LinkedIn, X and other social media platforms

Sanctions
International sanctions check API's

Geolocation view
Google Place / Panorama Search

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