FIC:

Digital Compliance

Real-time background checks

Customer due-diligence

Enhanced anti-money laundering

Anti-fraud platform

Customer Due Diligence
Block Fraudsters
Seamless Onboarding

Accountable Institutions

One platform - Multiple Layers

KYC
OCR
Facial Recognition
Client Information
Validation
Acknowledgement

Experience the difference


FICA CRM
FICA cloud document storage
FICA credits
Customised FICA workflow

Frequently Asked Questions


What is FICA?

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.

An electronic copy, image of your green barcoded/ smart identity card
Proof of address not less than 3 months old
Proof bank account using a bank statement or bank confirmation letter
  • Financial institutions
  • Insurance organisations
  • Legal firms
  • Real Estate
  • Accountants
  • Loan providers
  • Trustees and executors
  • Motor Dealers
  • Investment Management companies

To register for Fincyber’s FICA solution, kindly send us an email to admin@inspirit.co.za with your business details as well as your email address, and we will onboard you.

How long will the Verification process take?

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

What liveness detection?

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:

  • Identity verification (ID number, name and surname)
  • Address KYC
  • Bank account verification
  • Facial recognition
  • World checks – AML, PIPS and PEPS