VerifyNow Launches KYC/FICA Online Platform for South African Businesses

VerifyNow Launches KYC/FICA Online Platform for South African Businesses. VerifyNow.co.za, a South African company, today announced the launch of its innovative all-in-one dashboard platform that offers FICA compliance tools and instant Know Your Customer (KYC) verification at the click of a button. Designed to cater to businesses of all sizes, the platform aims to simplify compliance processes and protect companies against the rising tide of identity fraud and non-compliance penalties.

“Our mission is to empower South African businesses to navigate the complexities of FICA compliance effortlessly,” said Ru Foster, CEO of VerifyNow. “We understand the risks that identity fraud and non-compliance pose to companies. Our platform offers a simple, efficient solution that can be tailored to the needs of any business, whether small or large.”

The VerifyNow platform features:

• Identity Verification: Quickly confirm customer identities to prevent fraud.
• KYC/AML/PEP Compliance: Ensure adherence to Know Your Customer (KYC), Anti-Money Laundering (AML), and Politically Exposed Persons (PEP) regulations.
• Contact Tracing: Efficiently track interactions to comply with health and safety regulations.
• Free Risk Management and Compliance Programme (RMCP) Generator: Create customized RMCPs to meet FICA requirements without additional costs.
• FICA Compliance Toolkit: Access a collection of free training resources and tools designed to simplify FICA compliance.
• User-Friendly Dashboard: Manage all compliance activities from a single, intuitive interface.
• Scalable Plans: Flexible subscription models suitable for startups to large enterprises.
• Secure Data Handling: Advanced encryption and security protocols to protect sensitive information.

A recent study by the South African Banking Risk Information Centre (SABRIC) highlights the critical need for robust FICA compliance solutions. In 2024, identity fraud cases in South Africa increased by 22% compared to the previous year, resulting in estimated losses of R4.2 billion to businesses and individuals.A pilot program conducted with a mid-sized company in Johannesburg demonstrated the effectiveness of VerifyNow’s platform. An industry expert commented, “VerifyNow’s platform has transformed our compliance processes. We’ve significantly reduced our risk exposure while freeing up resources to focus on core business activities. It’s been a game-changer for us.”

Non-compliance with FICA regulations can result in fines up to R100 million or imprisonment for up to 15 years. With financial crimes on the rise, regulators are enforcing stricter measures to ensure businesses are not inadvertently facilitating illegal activities. VerifyNow’s platform assists companies in meeting these obligations efficiently, reducing risk and ensuring peace of mind.