VerifyNow
FAIS fit-and-proper onboarding for FSPs & JSE brokers.
Home Affairs ID, AML/PEP on every client and every representative, CIPC for corporate accounts, AVS on settlement, and face match for remote onboarding — the verification evidence the FSCA and FIC expect to see on file for an FSP, JSE member, forex or CFD platform.
In short: what VerifyNow does for an FSP or broker
A defensible onboarding workflow for a South African FSP, JSE-member broker, forex or CFD platform combines Home Affairs SA ID verification, face match / liveness, AML/PEP/sanctions screening of every client and representative, CIPC for corporate clients, and bank account verification of the settlement account. The FSP remains the FICA accountable institution and the FAIS-licensed entity; its suitability, risk-profile and source-of-wealth assessments are its own responsibility and are not a VerifyNow service.
VerifyNow’s scope: Home Affairs SA ID verification, AML/PEP/sanctions screening (190+ countries), CIPC company & director verification, bank account verification (AVS), document authentication, face match / liveness and consumer trace — all under POPIA-compliant consent. VerifyNow does not provide credit bureau reports, does not run affordability checks, does not run SAPS criminal record clearances, and does not verify qualifications. Credit data comes from a registered credit bureau; criminal clearances from SAPS or an authorised provider; qualifications from the issuing institution or SAQA.
Who ships with VerifyNow
Trading and investment businesses that need documented, reproducible CDD under FAIS and FICA.
JSE-member brokers
Equities and derivatives brokers onboarding retail and corporate clients.
FSCA-licensed FSPs
Category I, II, IIA, III and IV FSPs performing CDD and fit-and-proper screening.
Online forex & CFD platforms
Retail platforms onboarding margin clients with FAIS advice and FICA obligations.
Discretionary managers
Segregated mandates with KYB on corporate mandates and beneficial-owner screening.
Stockbrokers & EFT providers
Client-facing onboarding for listed-market participants.
Private-client wealth
Higher-risk EDD on HNW individuals, trusts and offshore structures.
The KYC stack for an FSCA-licensed FSP
Six services that map directly to Section 21 CDD, Section 21A EDD and FAIS fit-and-proper evidence.
Home Affairs SA ID Verification
Source-of-truth identity verification for every retail client at onboarding.
AML / PEP / Sanctions Screening
Screen clients, directors and representatives against domestic and international lists at onboarding and ongoing.
CIPC Company & Director Verification
Resolve corporate clients for Section 21 KYB — directors, registration status and beneficial owners.
Bank Account Verification (AVS)
Verify the settlement account actually belongs to the client before funding trades or processing withdrawals.
Document Authentication
Authenticate SA IDs, passports and source-of-wealth documents uploaded during onboarding.
Face Match & Liveness
Selfie-to-Home-Affairs-photo match for remote account opening and step-up on withdrawals.
Not provided by VerifyNow
- • Credit bureau data / affordability: obtained from a registered South African credit bureau. Brokers typically assess client liquidity from bank statements and source-of-wealth declarations — not from VerifyNow.
- • SAPS criminal clearances for key individuals and representatives: obtained from SAPS or an authorised provider for FAIS fit-and-proper honesty-and-integrity evidence.
- • Qualification verification for FAIS representative competence: obtained from the issuing institution or SAQA.
- • FAIS suitability & risk-profile assessment: the FSP’s own process under the General Code of Conduct.
From application to funded account
- 01
Client applies + POPIA consent
Retail or corporate client submits application with consent to run CDD and AML/PEP under FICA.
- 02
Identity resolved
Natural person: Home Affairs SA ID verification. Corporate: CIPC Company Match resolves the entity and its directors.
- 03
AML/PEP screen
Client (and all directors and beneficial owners for corporates) screened against PEP and sanctions lists.
- 04
Face match + document auth
Remote clients take a selfie (face match against Home Affairs) and upload supporting docs (authenticated via OCR + tamper detection).
- 05
Settlement account verified
AVS confirms the nominated settlement account is in the client's (or company's) name before funding.
- 06
Suitability + funding (FSP-owned)
The FSP runs its own FAIS suitability / risk profiling and source-of-wealth review. VerifyNow does not run credit or affordability checks.
FSCA, FAIS, FICA, JSE & POPIA
Brokers and trading platforms in South Africa sit inside a layered regulatory stack. The FSCA licenses FSPs under FAIS and enforces the General Code of Conduct and fit-and-proper requirements. JSE-member brokers are additionally bound by JSE rules and directives. All of them are FICA accountable institutions under Schedule 1, which places identical CDD, EDD, record-keeping and reporting obligations on them as on banks.
Fit-and-proper requirements for FSPs and their key individuals and representatives cover honesty and integrity, competence, operational ability and financial soundness. Honesty-and-integrity evidence typically combines AML/PEP screening (VerifyNow), Home Affairs ID (VerifyNow) and SAPS criminal clearance (not VerifyNow — sourced from SAPS or an authorised provider). Competence evidence includes qualifications sourced from SAQA or the issuing institution — also not a VerifyNow service.
All client personal information flowing through VerifyNow is processed under POPIA-compliant consent. The FSP or broker remains the responsible party; VerifyNow delivers the verification evidence that an FSCA or FIC inspector will expect to see on file.
Broker & FSP questions
Is an FSP under FAIS also a FICA accountable institution?
Yes. Most FSCA-licensed FSPs, JSE-member brokers, discretionary managers, forex and CFD platforms are accountable institutions under FICA Schedule 1 (typically Items 2, 3 and 12). They must register with the FIC, run an RMCP (Section 42), perform CDD (Section 21) and EDD on higher-risk clients (Section 21A), retain records (Sections 22–23), and submit STRs and CTRs. Separately, under FAIS they must satisfy the FSCA fit-and-proper requirements — honesty and integrity, competence, operational ability and financial soundness — for the FSP and its key individuals and representatives.
Does VerifyNow run credit checks, affordability assessments or SAPS criminal record checks?
No. VerifyNow does not provide credit bureau reports, does not produce affordability assessments, and does not run SAPS criminal record clearances. For a broker or FSP onboarding flow, VerifyNow's scope is Home Affairs SA ID verification, AML/PEP/sanctions screening, CIPC company and director verification for corporate clients, bank account verification (AVS) for settlement accounts, document authentication, and face match / liveness. Credit bureau data must be obtained from a registered South African credit bureau; affordability is the broker's own product suitability assessment; SAPS criminal clearances come from SAPS or an authorised provider.
How do brokers assess client liquidity and suitability?
Not through VerifyNow. Under FAIS General Code of Conduct, an FSP must establish a client's financial situation, investment objectives, risk tolerance and experience — typically via a risk profile questionnaire and supporting documents (bank statements, income verification, source-of-wealth declaration). VerifyNow confirms the client is who they say they are (Home Affairs ID, face match), that their settlement account belongs to them (AVS), and that they are not on a PEP or sanctions list. Suitability and liquidity analysis remain the FSP's responsibility.
Can I onboard a corporate client through VerifyNow?
Yes. For corporate and juristic clients, CIPC Company Match resolves the registered entity (name, registration number, status and directors). Each director and beneficial owner can then be run through Home Affairs ID verification and AML/PEP screening, and the corporate settlement account verified with AVS. This covers the KYB primitives an FSP needs for Section 21 CDD on a non-natural-person client.
Which lists does AML/PEP screening cover?
AML/PEP/sanctions screening covers domestic and foreign PEPs and international sanctions lists (UN, OFAC, EU, UK and SA) across 190+ countries. Screening runs at onboarding and on an ongoing basis per the FSP's RMCP cadence. Any hit is escalated to the MLRO for assessment and either filtered, cleared or reported to the FIC.
How does this fit into FAIS fit-and-proper for representatives?
AML/PEP screening of key individuals and representatives contributes evidence for the "honesty and integrity" leg of fit-and-proper. Home Affairs ID verification confirms the representative is who they claim to be. SAPS criminal clearances (sourced externally) and qualification verification (sourced from the issuing institution or SAQA) complete the wider fit-and-proper picture. VerifyNow does not run SAPS or qualification checks — those are obtained from the relevant authority.
Documented CDD for every client and rep
Home Affairs ID, AML/PEP, CIPC, AVS, face match and document authentication — per-verification audit receipts your FSCA and FIC inspections rely on.