FIC Enquiries and Automated Client Due Diligence
#fica-compliance
The Financial Intelligence Centre (FIC) Act forms part of South Africa’s anti-money laundering (AML) and counter-terrorism financing regime.
By incorporating a Client Due Diligence (CDD) process as well as client screening against the FIC’s Targeted Financial Sanctions list (TFS List) , Mobiloan plays a proactive role in preventing loans to sanctioned individuals.
Mobiloan - FIC Enquiry process
This Client Due Diligence screen facilitates the initiation of a new FIC inquiry made up by:
An automatically generated Client Due Diligence Report (Based on RMCP Configuration Settings)
A real-time TFS list check against the FICA database performed by Mobiloan.
A comprehensive risk assessment based on the CDD findings utilizing a decision matrix.
By combining advanced KYC (Know -Your-Client) practices with real-time FIC database checks, Mobiloan provides a fortified defense against financial crime.
TFS Listings
Targeted Financial Sanctions (TFS) are a set of financial restrictions imposed on specific individuals, entities, or countries. These sanctions are typically implemented as a response to:
Terrorism: Preventing the financing of terrorist activities.
Proliferation of weapons of mass destruction: Curbing the spread of nuclear, chemical, or biological weapons.
Human rights abuses: Holding accountable those responsible for gross human rights violations.
Other criminal activities: Targeting individuals or groups involved in organized crime, corruption, or drug trafficking.
Sanctions can impose the following characteristics :
Asset freezing: Financial assets of designated persons are frozen, preventing their use.
Trade restrictions: Bans on specific goods or services, or limitations on trade with certain countries.
Travel bans: Restrictions on the movement of designated individuals.
Related Documentation
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