{"id":12970,"date":"2019-07-17T06:00:56","date_gmt":"2019-07-17T13:00:56","guid":{"rendered":"http:\/\/www.trulioo.com\/?p=12970"},"modified":"2024-03-04T19:35:58","modified_gmt":"2024-03-04T19:35:58","slug":"south-africa-kyc","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/identity-verification\/south-africa-kyc","title":{"rendered":"Automated KYC Verification for South Africa\u2019s FICA Requirements"},"content":{"rendered":"\n<p>In South Africa, Anti-Money Laundering (AML) is covered by the Financial Intelligence Centre Act (FICA). According to international law firm Allen &amp; Overy, \u201cAmendments in May 2017 to <a href=\"https:\/\/www.fsca.co.za\/Regulatory%20Frameworks\/Pages\/AMLCFT.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">South African anti-money laundering (AML) laws<\/a> bring South Africa\u2019s AML legislation in line with the global standards determined by the Financial Action Task Force (FATF).\u201d The amendments include customer due diligence on beneficial owners of business entities and other enhanced customer due diligence procedures.<\/p>\n\n\n\n<p>To enable more streamlined oversight over FICA, the South African government established the Financial Sector Conduct Authority (FSCA) as the market conduct regulator of financial institutions that provide financial products and services, including banks, insurers, retirement funds and administrators, and market infrastructures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-know-your-customer-automation\">Benefits of Know Your Customer automation<\/h2>\n\n\n\n<p>South Africa has a sophisticated AML regime, so it\u2019s no surprise that they allow digital Know Your Customer (KYC) identity verification. As stated by Marius Reitz, country manager for South Africa cryptocurrency exchange and wallet provider Luno, \u201cTechnology has become more sophisticated and allows companies to maintain the highest levels of KYC and AML\/CFT compliance, whilst also making the customer experience considerably better.\u201d<\/p>\n\n\n\n<p>Digital KYC compliance provides many advantages to companies that operate in South Africa or plan to do so. Bypassing the need for physical locations accelerates expansion and lowers the cost of doing business. Customers enjoy the speed and convenience of signing up online or on mobile, improving the opportunities for customer acquisition. Compliance teams can focus on more complex due diligence factors, not on cumbersome data entry tasks. Systematized processes and audit trails provide a level of comfort to risk-averse operational executives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-opportunities-for-the-south-african-economy\">Opportunities for the South African economy<\/h2>\n\n\n\n<p>It\u2019s important to note that South Africa is the second largest economy in Africa. While it has recently experienced an economic slowdown, it averaged 2.71 percent growth from 1993 until 2019. It has a diversified economy with a growing and sizable middle class and an <a href=\"https:\/\/www.internetworldstats.com\/stats1.htm\" target=\"_blank\" rel=\"noopener noreferrer\">internet penetration rate<\/a> of 53.7 percent, which is just slightly behind the world average. Unfortunately, there\u2019s also a significant economic divide between the wealthy and low-income households; South Africa has one of the most unequal income distribution patterns in the world.<\/p>\n\n\n\n<p>Following the example of Kenya, which has 83 percent internet penetration, and encouraging the widespread use of mobile technology and payments could help South Africa with its economic divide and other economic issues such as growth and competitiveness.<\/p>\n\n\n\n<p>Automated KYC verification is one important step to increase financial inclusion. Improving the payments infrastructure and verification process will develop more trust, and provide a streamlined and seamless banking experience, helping grow the opportunities of the \u201crainbow nation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"In South Africa, Anti-Money Laundering (AML) is covered by the Financial Intelligence Centre Act (FICA)&#8230;.","protected":false},"author":8,"featured_media":12971,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[334],"post-types":[133],"post-topics":[218,193,99,131,135],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Automated KYC Verification for South Africa\u2019s FICA Requirements<\/title>\n<meta name=\"description\" content=\"Digital KYC compliance provides many 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