As the FIC and FSCA begin clamping down on FICA compliance across all South African industries, your business must institute the essential #KYC processes required by FICA in order to pass its FIC audit and avoid hefty fines. Read the full article at https://t.co/ubd0LOObbm.

The fines span several different industries and demonstrate the increased scrutiny being placed on all Accountable Institutions in South Africa. Newly regulated industries, such as motor vehicle dealers, can expect increased scrutiny from the FIC and FSCA in the coming months.

FSCA CLAMPS DOWN ON FICA COMPLIANCE: The Financial Sector Conduct Authority (FSCA) has issued more than R183,123,000 worth of FICA non-compliance fines over the last 12 months, with an average fine value of a staggering R9,638,000.

Cached data solutions form a foundational part of our service ecosystem that delivers a solution for every need. Ask our team about cached data solutions today and mitigate your DHA downtime frustrations forever.

Cached data solutions are perfectly suited to Enterprise clients who must ensure the highest standards for KYC and data accuracy. Our commitment to data quality ensures that we only use trustworthy and regularly updated databases to always deliver on our #NoCompromise promise.

Tired of getting your workflows disrupted when the Department of Home Affairs (DHA) goes offline? ThisIsMe's cached data solutions are perfectly designed to keep your systems running smoothly 24/7 so that you can keep verifying your customers, even when the DHA goes offline.

(Thread 3) ThisIsMe only uses high-quality data so you can rest assured that your #KYC and risk assessment workflows will empower your success, not hinder your opportunities. Ask our team about high-quality data and why #nocompromise matters.

(Thread 2) For example, a financial institution may refuse to grant your business funding if your AML/PEP solution does not also screen for adverse media. Using low-quality data can cost you way more than just fines; it can cost you opportunities.

(Thread 1) Why does data quality matter, Part 2? Other businesses and financial institutions may refuse to do business with you if your KYC processes do not use high-quality data that meets standards for risk assessment.

Thread (3): ThisIsMe only uses high-quality data so you can rest assured that your FICA compliance and customer verifications will pass an audit by the FIC. Ask our team about high-quality data and why hashtag #nocompromise matters. #ThisIsMe #KYC #FICA

Thread (2): Using low-quality data can make you fail your FIC audit, landing you with fines of up to R10 million (or even more).

Thread (1): Why does data quality matter? Because For passing your FIC audit, data quality is essential. The FIC doesn't accept low-quality PEP & Sanctions data that does not comprehensively screen individuals against global PEP/DPEP/FPEP and regulatory enforcement watchlists.

Don't compromise your compliance. ThisIsMe only uses high-quality data so you can rest assured that your customer verifications will pass a FIC audit. Ask our team about high-quality data and why #nocompromise matters. #ThisIsMe #KYC #FICA

To better understand how South Africa's Risk-Based Approach impacts your business, read the full guide on our website here:

When creating its Risk Management and Compliance Program (RMCP), a business must demonstrate that it understands the risks it is exposed to and that it is taking the necessary steps to mitigate these risks (4/5)

Instead, a business's exact steps to assess and mitigate risk depends on its unique business profile and the risks it is exposed to. In other words, the processes a business uses to mitigate money laundering will depend on the risks it is exposed to (3/5)

South Africa uses a Risk-Based Approach to structure its approach to Anti-Money Laundering (AML) legislation. But what does this mean, and why is it so important for your business to understand? (2/5)

South Africa uses a Risk-Based Approach to structure its approach to Anti-Money Laundering (AML) legislation. But what does this mean, and why is it so important for your business to understand? (1/5)

(6/6) If your company needs to meet legal obligations for identity verification, PEP checks and sanctions and watchlist screening, we provide the software tools that you need. To speak to our team and get an overview of how we can help you, just visit our website and book a demo.

(5/6)👨‍⚖️ Sanctions: A penalty imposed on a person or legal entity (like a company) as punishment for their failure to comply with laws or regulations. A sanction will often restrict the subject's ability to engage in business contracts and punish those who do.