When to Use Vehicle Lookup for Automotive KYC in South Africa
When to Perform Vehicle Lookups
Knowing when to use vehicle lookups is crucial for effective KYC in the automotive industry. This guide covers key trigger points.
Transaction Triggers
Perform lookups when:
- Purchasing any used vehicle
- Accepting trade-in vehicles
- Financing vehicle purchases
- Insuring vehicles
- Taking vehicles as collateral
Compliance Triggers
Verification is required for:
- FICA customer due diligence
- National Credit Act compliance
- Insurance policy applications
- Fleet onboarding
- Audit preparation
Business Process Triggers
Integrate lookups into:
- Sales processes
- Finance applications
- Insurance underwriting
- Fleet management
- Vehicle inspections
Risk-Based Triggers
Consider additional verification for:
- High-value transactions
- Unusual circumstances
- Seller red flags
- Complex ownership history
- Cross-border vehicles
Periodic Verification
Ongoing verification may include:
- Fleet audits
- Compliance reviews
- Insurance renewals
- Finance term renewals
Documentation
For each trigger point:
- Document the verification
- Record results
- Note any concerns
- File for compliance
Conclusion
Understanding verification triggers ensures vehicle lookups are performed at the right times. Proper timing supports comprehensive KYC compliance.