Anti-Money Laundering refers to a set of laws, regulations, and procedures designed to prevent
criminals from disguising illegally obtained funds as legitimate income.
FIC
KYC
Suspicious Transaction Reporting
Record-Keeping Requirements
Risk-Based Approach
Training and Awareness
International Cooperation
Penalties for non-compliance
A security feature commonly used in payment processing to help verify the identity of a cardholder
during a transaction. AVS compares the billing address provided by the card holder with the address
on file with the card issuer.
Transaction Initiation
Address Verification
Comparison with card issuer’s Records
Response Code
Merchant Decision
Fincyber’s FICA process offers a customizable 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
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 FIC Act introduces a regulatory framework of measures requiring certain categories of business
to fulfil compliance obligations. These compliance obligations are critical to assisting in
identifying and disrupting money laundering, tax evasion and terrorist financing 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.
Electronic copy, image of green barcoded/ smart identity card
Proof of address not less than 3 months old
Proof of bank account using a bank statement or bank confirmation letter