Real-time background checks
Enhanced anti-money laundering
The Financial Intelligence Centre Act, 38 of 2001 (FICA), was introduced to fight financial crime, such as money laundering, tax evasion, and terrorist financing activities. FICA brings South Africa in line with similar legislation in other countries and is geared to reveal the movement of moneys derived from unlawful activities, thereby curbing money laundering and other criminal activities.
The Act applies to all Accountable and Reporting Institutions as defined in schedule 1 of the Act, must comply with the requirements set out in the Act.
To register for Fincyber’s FICA solution, kindly send us an email to email@example.com with your business details as well as your email address, and we will onboard you.
The entire FICA process is conducted in real-time, which includes Identity verification, Facial recognition, Bank account verification, KYC with World Compliance checks and should not take more than 2 to 3 minutes to complete.
The company administrator will have access to a CRM tool that will allow them to view the client’s FICA journey in terms of validation results, defined risk status, personal details, uploaded documents etc. The administrator can decide which customers need to perform re-identification and trigger the process from within CRM tool
Facial liveness is a must-have biometric based feature as a way to fight fraud by using face biometrics as a means of authentication. The role of liveness detection is to 1. determine if this is a real person and 2. Validate the image to a government database.
Fincyber’s Optical Character Recognition (OCR) engine, converts images into machine readable text. It is used to extract important information from the identity, proof of address and bank account documentation and then validates the extracted information to 3rd party database sources.
Fincyber’s FICA process offers a customisable workflow that includes the following checks: