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A step-by-step workflow to KYC an applicant for FICA compliance in South Africa, ensuring all regulatory requirements are met.

Step 1: Client Onboarding

• Collect basic information from the client (full name, date of birth, residential address, contact information, identification number)
• Explain the need for this information and how it will be used

Step 2: Verification of Identity

• Verify the client's identity using government-issued photo IDs, passports, or driver's licenses
• Use Verify Now's trusted databases to confirm the authenticity and accuracy of the information
• Perform facial and biometric verification if required

Step 3: Determine Nature of Business Relationship

• Understand the purpose and intended nature of the business relationship (e.g., business or individual)
• Gather information on the client's occupation or business activities (e.g., client's profession, industry)
• Determine expected transaction patterns (e.g., monthly transaction volume, typical transaction sizes)

Step 4: Beneficial Ownership Identification

• Identify all beneficial owners for legal entities (e.g., business owners, shareholding structure)
• Verify the identities of beneficial owners using reliable, independent sources
• Understand the ownership and control structure of the entity (e.g., control mechanisms, decision-making process)

Step 5: Risk Assessment

• Assess the client's risk profile based on collected banking and transactional information
• Consider geographical risk factors, product/service risks, and delivery channel risks

Step 6: Enhanced Due Diligence (if applicable)

• Conduct additional verification for high-risk clients (e.g., AML/PEP check, source of funds/wealth)
• Obtain senior management approval for high-risk clients
• Determine the source of funds/wealth for high-risk clients

Step 7: Ongoing Monitoring

• Set up a transaction monitoring system to review transactions for unusual patterns or deviations from expected behavior
• Establish a process for periodic client reviews and updating client information
• Continuously screen clients against updated sanctions lists

Step 8: Record Keeping

• Maintain records of all Customer Due Diligence measures taken
• Keep records of transactions and ensure they are easily retrievable

Step 9: Training and Compliance

• Train staff on Customer Due Diligence procedures and the importance of compliance
• Establish clear escalation procedures for suspicious activities
• Conduct regular audits of Customer Due Diligence processes to ensure compliance

Need Assistance?

Verify Now provides comprehensive KYC and identity verification services to streamline your FICA compliance process. Our platform automates many of these steps, making compliance faster and more reliable.

KYC Workflow Guide