Tag: Contactable

Companies can leverage identity platforms to create internal Ultimate Beneficial Owner (UBO) databases. What are the risks of unintentionally transacting with a shady shell company or funds gained from criminal activities? In South Africa, it's substantial.

Online betting in South Africa is a thriving business, expected to become a billion-dollar sector within four years. But there are risks, especially as the digital era makes it easy to forge identities. Betting companies must manage fraud risks and honour legislation, avoid financial and reputational damage, and continue investing in customer relationships.

Know Your Customer. This phrase is a focal point of modern financial regulations, particularly concerning anti-fraud and anti-money laundering requirements. But KYC is even more valuable for managing risks with bad customers, speeding up transactions, and getting more business on the books.

Late last year, South Africa changed the Financial Intelligence Centre Act (FICA) to alter the status of several business types, including motor vehicle dealers. Under the new changes, dealerships are accountable institutions. How does this affect their operations, and can they adapt to the new requirements?

Knowing who the ultimate beneficial owner (UBO) of an entity is before engaging in any type of business deal, is a critical task that is often overlooked. This is particularly true in today’s increasingly stringent regulatory environment, in which organisations are increasingly expected to understand who they are doing business with to help fight fraud.

In a post-Covid world, where in-person contact has been drastically limited or eliminated, the need for digital identity onboarding is increasing exponentially.

The way customers are engaging in today's new digital world has changed and is still evolving rapidly. We use technology to open bank accounts, work online and buy products. Technologies empower people to behave differently, which has led to digital disruption and a much more empowered consumer.