{"id":445948,"date":"2020-11-05T07:29:41","date_gmt":"2020-11-05T05:29:41","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=445948"},"modified":"2020-11-05T07:29:41","modified_gmt":"2020-11-05T05:29:41","slug":"do-business-with-the-right-people-using-lexis-know-your-customer-solutions","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/445948\/do-business-with-the-right-people-using-lexis-know-your-customer-solutions\/","title":{"rendered":"Do business with the right people using Lexis Know-Your-Customer solutions"},"content":{"rendered":"<p>Your business always needs to protect itself from non-compliance, particularly when it comes to South Africa\u2019s anti-money laundering (AML) regulations.<\/p>\n<p>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.<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.lexisnexis.co.za\/aml-kyc?utm_source=Press%20Release&amp;utm_medium=Article&amp;utm_campaign=Anti%20Money%20Laundering&amp;utm_content=Lexis%20KYC\" target=\"_blank\" rel=\"noopener noreferrer\">Build trust with facts! Lexis KYC. Be sure. Verify today<\/a><\/strong><strong>.<\/strong><\/li>\n<\/ul>\n<p>This is why South African businesses are investing in Know-Your-Customer (KYC) solutions that ensure they comply with AML regulations.<\/p>\n<p>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\u2019s AML regulations.<\/p>\n<p>This protects your business from doing business with entities that may be exposed to money laundering and fraud<\/p>\n<h3 class=\"my-4\">Lexis KYC<\/h3>\n<p>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.<\/p>\n<p>Verification is performed as follows:<\/p>\n<ul>\n<li>Identity verification performed against the Department of Home Affairs.<\/li>\n<li>Address verification is performed against the large credit bureaus.<\/li>\n<li>Company-related details are verified against the Companies and Intellectual Property Commission (CIPC).<\/li>\n<li>Data pertaining to sanctions screening, political exposure, official positions, and adverse media is sourced through LexisNexis WorldCompliance.<\/li>\n<\/ul>\n<p>\u201cLexis KYC is an integrated and automated part of onboarding and client database processes in line with FICA\u2019s risk-based approach,\u201d said Rudi Kruger, General Manager for Data Services at LexisNexis South Africa.<\/p>\n<p>\u201cIt ensures simple day-to-day customer identification checks in real time, all in one place, securely stored and ready for auditing.\u201d<\/p>\n<p>Lexis KYC currently covers South African nationals and juristic entities, and will also include foreign nationals before the end of 2021.<\/p>\n<p>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.<\/p>\n<p>\u201cLexis 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,\u201d said Kruger.<\/p>\n<p>\u201cIt 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.\u201d<\/p>\n<p><strong><a href=\"https:\/\/www.lexisnexis.co.za\/aml-kyc?utm_source=Press%20Release&amp;utm_medium=Article&amp;utm_campaign=Anti%20Money%20Laundering&amp;utm_content=Lexis%20KYC\" target=\"_blank\" rel=\"noopener noreferrer\">Lexis KYC. Be confident. Verify today<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lexis KYC is a powerful transactional KYC verification solution that allows any risks relating to AML regulations to be picked up quickly.<\/p>\n","protected":false},"author":57,"featured_media":445950,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[1787],"class_list":["post-445948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-lexisnexis"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/445948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=445948"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/445948\/revisions"}],"predecessor-version":[{"id":445954,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/445948\/revisions\/445954"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/445950"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=445948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=445948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=445948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}