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Do business with the right people using Lexis Know-Your-Customer solutions

Your business always needs to protect itself from non-compliance, particularly when it comes to South Africa’s anti-money laundering (AML) regulations.

Failure to do this can result in fines of up to R10 million in a personal capacity, or up to R50 million as a company.

This is why South African businesses are investing in Know-Your-Customer (KYC) solutions that ensure they comply with AML regulations.

KYC solutions gather information about customers before they establish a relationship with your business, as well as before concluding a transaction, to assist compliance with South Africa’s AML regulations.

This protects your business from doing business with entities that may be exposed to money laundering and fraud

Lexis KYC

LexisNexis has launched Lexis KYC, which is a powerful transactional KYC verification solution that allows any risks relating to AML regulations to be picked up quickly.

Verification is performed as follows:

  • Identity verification performed against the Department of Home Affairs.
  • Address verification is performed against the large credit bureaus.
  • Company-related details are verified against the Companies and Intellectual Property Commission (CIPC).
  • Data pertaining to sanctions screening, political exposure, official positions, and adverse media is sourced through LexisNexis WorldCompliance.

“Lexis KYC is an integrated and automated part of onboarding and client database processes in line with FICA’s risk-based approach,” said Rudi Kruger, General Manager for Data Services at LexisNexis South Africa.

“It ensures simple day-to-day customer identification checks in real time, all in one place, securely stored and ready for auditing.”

Lexis KYC currently covers South African nationals and juristic entities, and will also include foreign nationals before the end of 2021.

It protects your business from conducting business with entities on the EU Consolidated List of Sanctions, HM Treasury Sanctions List, OFAC Sanctions List, and UN Sanctions, among others.

“Lexis KYC can help accountable institutions to remain proactive and thorough in meeting the legislative requirements of the Financial Intelligence Centre Act (FICA) and the Financial Action Task Force (FATF) when it comes to the collection of KYC/AML data,” said Kruger.

“It will also assist with upholding compliance in conducting customer due diligence; record-keeping of client information and transaction records; developing, documenting, maintaining, and implementing a Risk Management and Compliance Programme; training employees in the FIC Act compliance obligations; and meeting reporting obligations.”

Lexis KYC. Be confident. Verify today

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Do business with the right people using Lexis Know-Your-Customer solutions