Compliance
What is FICA?
Financial Intelligence centre act
True or False?
Only consumers need to be Fica compliant.
False
These two primary documents are used to verify a client’s identity in South Africa.
What is a valid ID book/card and proof of residence?
A client refusing to provide proof of residence might trigger this.
What is a red flag for potential fraud?
A client presents a driver’s license with no expiration date. Your action?
What is reject it (SA licenses require expiry dates)?
What is the purpose of FICA......
Prevent money laundering, Tax evasion and other financial crimes
Failure to comply with FICA can result in these two consequences for businesses.
What are fines and reputational damage?
A utility bill older than 3 months cannot be used for this type of verification.
What is proof of residence?
This term refers to falsifying documents to hide illegal income.
What is money laundering?
A foreign national wants to open an account but has no local proof of residence. Solution?
What is request an affidavit/alternative document (e.g., bank statement)?
Fill in the missing word...
The ****** is used by contact centers to confirm the customer's information and validate their identity.
Verification process
FICA mandates that businesses keep records for this minimum number of years after a client relationship ends.?
5 years
This process ensures a document hasn’t been altered and matches the client’s appearance.
What is visual inspection/hologram verification?
If a client’s ID number doesn’t match their birthdate, you should do this.
What is escalate to compliance/refuse the transaction?
You notice a client’s proof of residence is digitally altered. This is your next step.
What is report a suspicious transaction (STR)?
List the types of information that can be verified:
Customer Names, Contact Details, Age, , Proof of Address, Confirmation of Employment, Identity document.
What is FICA Compliance?
Providing identity information: When opening accounts or entering financial transactions with accountable institutions, you must provide accurate and up-to-date identity information, including official documents like your green bar-coded South African identity document or a Smart identity document card, passport, or driver’s licence.
When a client’s ID photo is unclear, this additional step may be required.
What is requesting a certified copy or supplementary document?
This type of business must register with the FIC as an "Accountable Institution."
What are banks, estate agents, or crypto exchanges?
This government body is responsible for enforcing compliance with FICA regulations in South Africa.
What is the Financial Intelligence Centre (FIC)?
Fill in the blank. When information is validated, we need to always ensure ________.
Accuracy!
What are the consequences of not being FICA compliant?
When you do not comply with FICA regulations, you stand the risk of exposing yourself to criminals who could potentially use your account to commit fraud.
Digital FICA checks require this technology to verify documents remotely.
What is biometric verification/liveness detection?
The three stages of money laundering FICA aims to disrupt.
What are placement, layering, and integration?
Name two FICA obligations for accountable institutions beyond client verification.
What are staff training and risk assessments?