Compliance requirements are increasing across industries and geographies.
In South Africa, FICA, FAIS, PSIRA, SACE are some of the well-known regulations in their industries.
Take FICA for example, which spans multiple industries and requires a KYC (Know Your Customer) and due diligence component.
The process of vetting, verifying, onboarding and due diligence, can be labour-intensive. Our aim is to help you alleviate the compliance headache through facilitating the automation and optimisation of relevant verifications in line with your RMCP (Risk Management Compliance Programme), while in consultation with your compliance officers.
In the event that you do not have a compliance officer, we are able to put you in touch with our preferred regulatory consultants.
* Please note that conversations with us do not constitute compliance, legal or regulatory advice.
We provide verifications that facilitate compliance automation:
- Individual Identity/Business Verification
- Sanctions/PEP/Adverse Media
- Address
- Bank Account
- Others on request
Industries that require compliance
Every industry has some degree of regulation. While deregulation reduces the amount of red tape and makes it easier for businesses to do business, there is a requirement, especially in certain industries, for specific regulations to ensure that fraud is minimised, mitigated and prevented.
We group the FICA-regulated industries into 5 main groups:
FSPs
Gambling
Real Estate
Legal
Other
Not sure which KYC compliance checks apply to you?
Whether verifying an individual or company, these are the most important checks:
- Identity (Individual/Natural Persons) or Business Verification (Entities)
- Watchlist/Sanction Screening
- Address Verification
- Bank Account Verification
Further due diligence and checks can be performed depending on several factors, which would need to be laid out in the risk matrix, due diligence measures and RMCP of the organisation onboarding the customer.
Remove the risk of onboarding customers involved in illegal activities.
Mitigate the risk of fraud and non-compliance.
Not sure which compliance checks apply to you?
Aside from KYC (FICA) and the industries they apply to, there are a number of other regulatory requirements applicable:
- FAIS Fit and Proper Screening Requirements for Representatives and Key Individuals
- SACE Educators Requirement
- PSIRA Security Professional Requirement
