ThisIsMe slashes prices of critical sanction checks
ThisIsMe has drastically reduced the pricing of its sanction checks, making this vital service more affordable to South African accountable institutions.
The move by ThisIsMe follows the Financial Intelligence Centre Amendment (FICA) Act being amended in November 2022.
The amendment made South African accountable institutions comply with additional regulatory requirements, and included making sanction screening a legal requirement for these organisations.
Institutions that do not complete these checks put themselves at risk of breaching sanctions and facing expensive fines.
At the start of 2023, South Africa was also added to the global watchdog Financial Action Task Force’s grey list, due to its inability to combat money laundering and the funding of terrorism.
As a result of these two developments, accountable institutions now not only risk financial and legal penalties, but reputational damage and being targeted by sanctions themselves if they do not complete the appropriate checks.
ThisIsMe
ThisIsMe – the leading provider of world-class identity verification, data validation, and due diligence solutions in South Africa – is well aware of the additional regulatory burdens these developments place on local accountable institutions.
It has accordingly slashed the prices of its vital sanction checks by up to 50%:
- Starting RRP on Sanctions: Was R18, now R9.95
- Starting RRP on Prepaid Sanctions: Was R32, now R19.90
- Starting RRP on Batch Sanctions: Was R14.50, now R6.75
These new prices make it significantly easier for accountable institutions to properly execute their risk mitigation procedures and ensure they are FICA compliant.
ThisIsMe is committed to giving more organisations access to its award-winning data handling and privacy services, and it is confident the price cuts will go a long way to achieve this.
Its sanction check products offer excellent value as they cover all relevant politically exposed person (PEP) checks, too.
PEP checks are a key part of screening against money laundering, and are also critical to managing your organisations risk.
ThisIsMe’s sanction check offerings are therefore squarely focused on reducing fraud and helping organisations to truly know their clients, and are a crucial tool for South African institutions.
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