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<p><i>South Africa has updated its national regulations concerning cryptocurrencies and cryptocurrency traders. As one of the largest cryptocurrency economies in Africa, find out how this impacts the trading of crypto in South Africa.&nbsp;</i></p><h2><b>The South African Crypto Market – A Haven for Scams and Financial Crime?&nbsp;</b></h2><p>According to a 2022 study by Coin Journal, South Africa is one of the largest and fastest-growing crypto economies in Africa – the country is home to 59 crypto start-ups and approximately 12.4% of the population owns crypto.&nbsp;</p><p>However, South Africa has high rates of financial crime in general and has also been home to several massive crypto scams. Mirror Trading International (MTI), the South African company responsible for the largest and most costly cryptocurrency pyramid scheme of 2020, was recently slapped with a R64 billion fine.&nbsp;</p><p>In light of these high rates of financial crime associated with crypto, the International Monetary Fund (IMF) in 2022 called for greater cryptocurrency regulation and criticised South Africa for being&nbsp;</p><p>Two years later, in October 2022, South Africa’s financial watchdog classified crypto assets as financial products, thereby enabling them to be regulated.&nbsp;</p><p>Now, roughly seven months later, cryptocurrencies and cryptocurrency traders are being hit with new regulatory compliance obligations.&nbsp;</p><h2><b>New Compliance Regulations – How Does This Impact Crypto Trading?&nbsp;</b></h2><p>The new regulations mean that cryptocurrency assets have been classified as financial products under the Financial Advisory and Intermediary Services (FAIS) Act, which means that they are subject to the Financial Intelligence Centre Act (FICA).&nbsp;</p><p>In short, FICA establishes a range of obligations for identity verification and data validation checks in line with risk assessment and due diligence regulatory guidelines.&nbsp;</p><p>According to CoinDesk, one of the most significant challenges for cryptocurrency trading&nbsp;</p><p>Failure to comply with these new regulations could mean a fine of up to 500,000 USD and/or a prison sentence of up to&nbsp;</p><h2><b>How Can Businesses Ensure Regulatory Compliance?&nbsp;</b></h2><p>The new regulations place several new compliance obligations on CASPs. These include the fact that…</p><ul><li>Cryptocurrency traders must now hold a Financial Services Provider (FSP) license.</li></ul><p>Because Crypto Asset Service Providers (CASPs) are now designated as Accountable Institutions, CASPs must now adhere to several regulations as stipulated under the Financial Intelligence Centre Amendment Act (FICA).&nbsp;</p><p>Although the exact regulatory compliance obligations may vary and the following list should not be taken as legal advice, CASPs may be obligated to adhere to requirements for:&nbsp;</p><ul><li>Know Your Customer (KYC) protocols&nbsp;</li><li>Identity Verification checks&nbsp;</li><li>Data Validations checks&nbsp;</li><li>Ongoing monitoring procedures to monitor for suspicious transactions and financial patterns&nbsp;</li></ul><p>There are some exceptions to what the Financial Services Conduct Authority considers to be regulated activity. These exceptions include:&nbsp;</p><ul><li>Individuals involved in mining and operating nodes support blockchain activities without direct interaction with consumers.</li><li>Service providers dealing with non-fungible tokens (NFTs) offer unique assets generated by specific code. While NFTs can be traded, the regulatory authority views them as posing lower risks compared to fungible tokens. There is ongoing discussion on whether NFTs should be considered as crypto assets and subject to licensing requirements in the upcoming revision of the FAIS Act.</li><li>Entities offering financial services related to crypto asset derivatives, which are classified as securities according to the Financial Markets Act (FMA), must either hold a license under the FAIS or adhere to the regulations outlined in the FMA.</li></ul><p>A newly regulated industry in South Africa, the new legislation has wide-ranging implications for South Africa’s well-developed cryptocurrency economy. To ensure transactional security and regulatory compliance, CASPs must invest in digital tools for identity verification and data validation.&nbsp;</p><h2><b>Identity Verification and Enhanced Due Diligence Services for South Africa </b>&nbsp;</h2><p>ThisIsMe is South Africa’s leading provider of digital tools for tasks like enhanced due diligence, KYC, customer due diligence, data validation and risk assessment. Committed to world-class standards for data handling and data privacy, ThisIsMe is proud to be at the forefront of a trust-based and privacy-compliant digital world. To experience our full suite of advanced due diligence services, contact our team here.</p>

See the new regulations for cryptocurrency traders in South Africa and understand how to ensure regulatory compliance.

Update: Crypto Traders Are Now Accountable Institutions and Subject to FICA

<h2><b>FICA legislation – New Due Diligence Requirements for Businesses&nbsp;</b></h2><p>On the 29th of November 2022, Schedule 1 of the Financial Intelligence Centre Act (FICA) was amended. FICA requires businesses that are designated as Accountable Institutions (AIs) to comply with a wide range of regulatory requirements that cover due diligence, identity verification, sanction screening, record-keeping, reporting of information to the Financial Intelligence Centre, and internal compliance governance.&nbsp;</p><p>The recent revisions to the Act have broadened the definition of Accountable Institutions (AI). This means that some businesses now have legal obligations for due diligence checks. If they don’t, they face the threat of massive fines.&nbsp;</p><p>In light of these legislative changes, ThisIsMe has drastically reduced our pricing on several key solutions. This makes vital services more affordable so that a greater variety of businesses can ensure their FICA compliance with ease.&nbsp;</p><p>In addition to the revised FICA legislation, South Africa’s greylisting at the start of 2023 has further increased the pressure on businesses to ensure regulatory compliance.&nbsp;</p><h2><b>Drastically Reduced Barrier to Entry for Key Sanctions Checks and PEP/DPIP &amp; FPPO Checks</b></h2><p>Given how crucial AML screening has become with SA's recent greylisting and updated accountable institution legislation, ThisIsMe has drastically reduced the barrier to entry of key PEP/DPIP &amp; FPPO checks.&nbsp;</p><p><b>Pricing on PEP/DPIP &amp; FPPO Checks has been reduced by up to 50%.</b>&nbsp;</p><p>Our more affordable pricing range means that a greater number of businesses now have access to the due diligence checks that are essential for ensuring transactional security and maintaining regulatory compliance.&nbsp;</p><p><span style="font-size: 0.8125rem;">These price reductions make ThisIsMe’s solutions some of the most affordable, reliable and efficient in South Africa.&nbsp;</span><br></p><h2><b>What Are Sanction Checks?&nbsp;</b></h2><p>“Sanction” is a broad term that refers to penalties imposed upon an individual, entity or country as punishment. Typically, sanctions will be imposed for reasons such as the violation of internationally acclaimed standards, the abuse of human rights, or the infringement of the laws to protect the legal financial system. However, sanctions may also be imposed for a wide variety of political, social and economic reasons.</p><p><span style="font-size: 0.8125rem;">If a business does not complete sanction checks, that business puts itself in danger of actively breaching sanctions law. This has the potential to be devastating for several reasons, including financial and legal penalties, reputational damage, and being the target of sanctions oneself.&nbsp;</span><br></p><h2><b>What are PEP, DPIP &amp; FPPO Checks?</b>&nbsp;</h2><p>A Politically Exposed Person (PEP) is a broad term that refers to individuals who currently hold or have held political power (e.g., a member of parliament or head of state).</p><p>Due to the interwoven nature of politics and private capital, governments and financial institutions worldwide agree that PEPs represent an increased money-laundering risk. This is because individuals who hold political power can abuse their power to engage in money laundering and other financial crimes like corruption, bribery, embezzlement and the financing of terrorism.&nbsp;</p><p>To account for this risk, national regulators ensure that PEPs and the various sub-categories of PEPs are subjected to Enhanced Due Diligence (EDD) procedures designed to scrutinize the connections between a PEP’s political power and financial transactions.</p><p>A Domestic Prominent Influential Person (DPIP) is a type of Politically Exposed Person (PEP). In South Africa, the FIC defines a DPIP as follows:&nbsp;</p><blockquote>“A domestic prominent influential person is an individual who holds, (including in an acting position) for a period exceeding six months, or has held at any time in the preceding 12 months in South Africa, a prominent public function as listed in Schedule 3A of the FIC Act.” – FIC.</blockquote><p>A DPIP is different from a Foreign Prominent Public Official (FPPO). In South Africa, according to the Financial Intelligence Center, a FPPO is defined as:</p><blockquote>“A foreign prominent public official (FPPO) is an individual who holds, or has held at any time in the preceding 12 months, in a foreign country a prominent public function as listed in Schedule 3B of the FIC Act.” – FIC.</blockquote><p>In South Africa, Accountable Institutions of various classifications are required to check for PEP, DPIP and FPPO status in certain circumstances. The recent revisions to FICA legislation mean that a greater number of businesses will have to conduct these checks in a more diverse set of contexts.&nbsp;</p><p>Because of this, lowering the barrier to entry is essential in order for more businesses to have affordable access to the essential due diligence checks that are crucial for securing our economy and placing trust back in transactions.&nbsp;</p><h2><b>Sanction and PEP Checks and Identity Verification Services for South Africa</b>&nbsp;</h2><p><meta charset="UTF-8"></p><p>ThisIsMe is South Africa’s leading provider of digital tools for tasks like enhanced due diligence, KYC, customer due diligence, data validation and risk assessment. Committed to world-class standards for data handling and data privacy, ThisIsMe is proud to be at the forefront of a trust-based and privacy-compliant digital world. To experience our full suite of advanced due diligence services, contact our team here.</p>

ThisIsMe has reduced pricing onkey PEP/DPIP & FPPO checks by up to 50%, making ThisIsMe's solutions some of the most cost-effective digital tools available in SA

ThisIsMe Drastically Lowers Barrier to Entry for Key PEP/DPIP & FPPO Checks

<p><i>The rapid rate of digitalization that defined business practice during the Covid-19 pandemic opened new opportunities for criminals to exploit vulnerabilities and defraud companies, leading to a shocking rise in a new form of economic crime: platform fraud. PwC’s 2022 Global Economic Crime and Fraud Survey sheds light on the trends of platform fraud and allows businesses to understand what risks they may be exposing themselves to, thereby empowering businesses to create effective risk mitigation strategies built around the use of digital tools for identity verification and data validation.</i></p>
<h2><b>What is Platform Fraud and Why is it a Threat?</b></h2>
<p>Platform fraud can very simply be defined as fraud that is committed on a digital platform, such as a social media platform, a contactless payment platform, or a remote work platform. In the financial services industry, platform fraud was included under the broad category of “financial crime”, but the rapid growth of platform fraud has led PwC to define it under its own standalone category.&nbsp;</p>
<p>In a very short amount of time, platform fraud has grown to represent a significant portion of the total reported incidents of economic crime recorded in PwC’s survey. Of the surveyed companies, 39% of the reported incidents of economic crime were platform fraud. Furthermore, of these respondents, 51% reported having fallen victim to platform fraud, which is a four percentage-point increase compared to 2020’s statistics and marks the highest incidence rate in 20 years of PwC’s bi-annual reporting on economic crime.&nbsp;</p>
<h2><b>The Rise of Organised Crime – New Perpetrators Bring Greater Challenges&nbsp;</b></h2>
<p>A worrying trend in the financial crime landscape has been the entrance and rapid proliferation of organised crime networks. Compared to the nature of financial crime before the Covid-19 pandemic, the post-pandemic threat landscape has seen various forms of economic crime become organised and professional – platform fraud is no exception.&nbsp;</p>
<blockquote>
“Platform fraud has become a criminal enterprise – reinforcing the imperative for organisational resilience and the right tools to reduce your risk.”</blockquote>
<p>As of 2022, organised crime was responsible for committing 28% of all incidents, making it the greatest perpetrator of platform fraud. Attacks that are conducted by organised criminal groups are also more advanced and typically lead to significantly higher financial losses compared to attacks not conducted by organised criminal groups. Furthermore, the dominance of organised crime in platform fraud has been lightning fast: prior to 2020 and the Covid-19 pandemic, organised crime played a negligible role in the proliferation of platform fraud.&nbsp;</p>
<p>After organised crime, the second greatest perpetrator of platform fraud are customers, who account for 25% of all incidents.&nbsp;</p>
<p>The third greatest perpetrators of platform fraud are vendors, who account for 19% of all incidents.&nbsp;</p>
<h2><b>Who Are the Victims? Large Financial Institutions (FIs) vs Small and Medium Enterprises (SMEs)</b></h2>
<p>When ranked by the number of instances in which they featured in incidents of platform fraud, the industries most affected by platform fraud are:</p>
<ol>
<li>Technology, Media and Communications (TMC): 62% &nbsp;</li>
<li>Financial Services (FI): 58% &nbsp;</li>
<li>Health: 49%&nbsp;</li>
<li>Retail and Consumer: 48%&nbsp;</li>
<li>Government and Public Services: 46%&nbsp;</li>
</ol>
<p>This ranking reflects the general trends of victimisation that hold true for other specific types of externally perpetrated economic crime, such as customer fraud and business partner fraud. Larger, more technologically reliant industries with immense revenues have and will likely remain the greatest victims of economic crime, at least when ranked by incidence rate.</p>
<h2><b>Technology, Media and Communications and Financial Services – Forever Targeted, yet Experienced and Well Resourced</b> &nbsp;</h2>
<p>The financial services (FI) industry maintains some of the highest exposure to fraud risk of all industries across the world. The FI industry consistently ranks near or at the top of all measurements of financial crime, both for incidence rates and associated financial losses. Furthermore, outside of the FI industry, financial platforms within other industries remain the greatest target for platform fraud.&nbsp;</p>
<blockquote>
“Almost half of all fraud cases take place on financial platforms – the most vulnerable model, particularly those involving funds transfers. But financial impact is just the beginning. Brand damage can be devastating. The undoing of customer loyalty and trust – catastrophic.”</blockquote>
<p>However, although the TMC and FI industries are generally far more experienced in dealing with risks associated with economic crime, the industry nevertheless remains at high risk of attack – a fact demonstrated by the reality that perpetrators continue to successfully carry out attacks despite advanced security measures.&nbsp;</p>
<blockquote>
“Perpetrators have become more sophisticated. The stakes are high. But still, our survey shows too many business leaders, both providers and users, aren’t fully aware of their exposure.”</blockquote>
<p>The TMC and FI industries must leverage their experience and immense resources to <a href="https://thisisme.com/resources/risk-assessment" target="_blank">identify and mitigate risks</a>. Not all industries have the same degree of expertise and capital that can be leveraged to their advantage.&nbsp;</p>
<h2><b>Under Threat – The Heightened Risk Exposure to New Entrants and SMEs</b></h2>
<p>In their report, PwC made an important note of the fact that the level of risk posed by platform fraud will arguably be substantially higher for SMEs and new entrants into the world of digital platforms.&nbsp;</p>
<blockquote>
“Well-established platform players have likely long been equipped with the proper security and controls to manage risk. But for newer entrants to the platform environment, there is dangerous potential for mushrooming risk.”</blockquote>
<p>Not only do SMEs and new entrants likely have far less experience in mitigating digital risks – such as those posed by platform fraud – but they also stand to lose far more in the event of an attack. SMEs and new entrants typically have substantially less capital that can be used to absorb losses in an incident of platform fraud. In this context, the comprehensive identification of weaknesses and exposure to risks – coupled with their active mitigation – is crucial in order to avoid potentially devastating losses. &nbsp;</p>
<h2><b>Tools for Risk Mitigation – Identity Verification and Data Validation Services for South Africa&nbsp;</b></h2>
<p>The changing economic crime threat landscape calls for a detailed analysis of risks and the rapid adoption of digital tools that empower businesses to secure their perimeters and mitigate the risks of economic crime.&nbsp;</p>
<p>As South Africa’s leading provider of world-class due diligence and remote-onboarding solutions, ThisIsMe is proud to be at the forefront of a trust-based and privacy-compliant digital world. To experience how our full suite of advanced due diligence services can serve your business, book a demonstration by contacting our team <a href="https://thisisme.com/contact-us" target="_blank">here</a>.&nbsp;</p>

As new forms of economic crime emerge – such as platform fraud – industries need to quickly understand new threats and learn how to mitigate them.

Top 5 Industries Most Exposed to the Risk of Platform Fraud - Analysis

<p><i>Over the last decade, the FinTech and RegTech industries have revolutionized the effectiveness, cost, useability, availability and overall nature of AML/CFT regulatory compliance. Today, a wide selection of services empowers businesses to easily secure their transactions and ensure regulatory compliance, all without compromising customer experience – a contribution so significant that it has been recognized in a report by the global leader in AML/CFT legislation: the FATF.</i></p><h2><b>A Pervasive Threat – Money Laundering and Economic Crime&nbsp;</b></h2><p><a href="https://thisisme.com/resources/Anti-Money-Laundering" target="_blank">Money laundering</a> – the “cleaning” of criminal revenue to disguise its illegal source and facilitate its use in legitimate, everyday activities – has become a major concern for the vitality of our global financial system. A 2020 report by Deloitte estimated that money laundering makes up 2-5% of the global GDP, as much as $2 trillion. Pieter Alberts, senior operations manager at the Financial Intelligence Centre, said that South Africa is losing between $10 billion and $25 billion annually in illicit financial flows.&nbsp;</p><p>Although combating money laundering is a clear and urgent task, doing so in a way that does not undermine or harm businesses is equally important. The Financial Action Task Force (FATF) – an intergovernmental organization and global leader in AML policy – published a report titled <a href="https://www.fatf-gafi.org/publications/fatfrecommendations/documents/opportunities-challenges-new-technologies-for-aml-cft.html" target="_blank">Opportunities and Challenges of New Technologies for AML/CFT</a>. By discussing the opportunities for revolutionary AML/CFT programs offered by new technologies, the FATF’s report examines how the Fintech, Regtech and Suptech industries are driving revolutionary new approaches to <a href="https://thisisme.com/resources/AML-CFT-Regulations" target="_blank">AML/CFT compliance</a>.&nbsp;</p><h2><b>Boosting AML/CFT Compliance Effectiveness &nbsp;</b></h2><p>The FATF’s report included a survey that examined how new technologies are being developed and deployed for AML/CFT. Commenting on the results of their Digital Transformation questionnaire, the FAFT noted that…</p><blockquote>“85% of respondents agree that AML/CFT effectiveness in general is the most significant benefit of the use of new technologies…Respondents declared speed, flexibility, capability and better governance as the outcomes of new technologies contributing to greater AML/CFT effectiveness.”</blockquote><p>Respondents also noted that new technologies can significantly reduce the costs associated with effective AML/CFT programs – a factor that greatly increases AML/CFT effectiveness by providing stakeholders with better, more accessible tools for less money.</p><p>For developing economies in which businesses typically have less capital to devote to security and regulatory compliance (like in South Africa), reduced costs are vital for enabling the widespread adoption of effective AML/CFT programs. Since 2009, South Africa’s incident rate for economic crime has been, on average, 27 percentage points higher than the global average.<sup>1</sup> In 2020, South Africa was tied with China for the country with the highest reported incident rate of economic crime. &nbsp;To secure South Africa’s economy, the widespread adoption of AML/CFT programs is essential.&nbsp;</p><p>However, in 2020, the FATF released a <a href="https://thisisme.com/insights/SA-AML-Policy-is-Deficient-Financial-Action-Task-Force" target="_blank">report evaluating South Africa’s AML/CFT regulatory system</a>. The report identified several critical weaknesses, one of which was a discrepant focus on AML controls. Although many of SA’s larger Financial Institutions (FIs) were focused on creating and maintaining effective AML/CFT regimes, many smaller FIs were only focused on meeting the minimum requirements for regulatory compliance. Although this is understandable because smaller FIs do not have the same resources as major banks, innovation and the creation of new cost-effective technologies will continue to close this resource gap. &nbsp;&nbsp;</p><blockquote>“New technologies have the potential to make anti-money laundering (AML) and counter terrorist financing measures (CFT) faster, cheaper, and more effective. They can improve the implementation of FATF Standards to advance global AML/CFT efforts, ensure financial inclusion and avoid unintended consequences such as financial exclusion.”</blockquote><p>As South Africa’s economy grows and becomes increasingly digitalized, innovation from the RegTech, Fintech and Suptech industries will be central in provisioning more accessible AML/CFT services and promoting their widespread adoption. &nbsp;</p><h2><b>The Transformation of FICA Compliance&nbsp;</b></h2><p>Efforts to combat economic crime and close the net on money laundering have led to a web of compliance obligations, many of which negatively affected customer experience. South Africa’s Financial Intelligence Center Amendment Act (FICA) is a perfect example. Although necessary to help secure South Africa’s economy and protect businesses and consumers from economic crime, FICA compliance quickly became a notoriously laborious process.&nbsp;</p><p>Initially, FICA compliance cost businesses time and money by forcing them to engage in inefficient and lengthy administration that consumed human resources. The labour-intensive process of ensuring compliance also contained many moving parts that rendered it vulnerable to non-compliance or fraud. For customers, FICA compliance entailed complex paperwork and time wasted standing in a bank queue.&nbsp;</p><p>In 2017, ThisIsMe transformed the South African RegTech industry by cutting FICA compliance down from two weeks down to three minutes – an achievement that got the company featured as one of the Emerging 50 Rising Stars on 2018’s FINTECH100 list.&nbsp;</p><p>The transformation of FICA compliance – enabled by new technologies – allowed businesses to save time and money and ensure the highest levels of AML/CFT compliance, while consumers benefited from easier documentation provision and near-instantaneous <a href="https://thisisme.com/resources/identity-verification" target="_blank">identity verification</a>.&nbsp;</p><h2><b>Streamlining Compliance, Boosting Efficiency and Optimising Data Analysis Using APIs</b></h2><p>An <a href="https://thisisme.com/resources/application-programming-interface" target="_blank">Application Programming Interface (API)</a> is a type of software that allows different applications to connect and communicate. APIs have immense utility within AML/CFT programs, due mainly to their immense flexibility. APIs can be used to streamline compliance routines by connecting customer identification software to monitoring tools, or integrate <a href="https://thisisme.com/resources/risk-assessment" target="_blank">risk assessment</a> tools with customer risk profiles to quickly generate risk profiles.&nbsp;</p><blockquote><p>“Respondents to the Digital Transformation questionnaire mentioned APIs among the most used and relevant solutions to the identified money laundering and terrorist financing problems.”</p></blockquote><p>Tasks that require the processing of large data sets – such as <a href="https://thisisme.com/resources/risk-assessment" target="_blank">risk assessments and analysis</a>, <a href="https://thisisme.com/resources/customer-due-diligence-ccd" target="_blank">customer due diligence</a>, and transaction monitoring – can all benefit significantly from new AML/CFT technologies like APIs. &nbsp;</p><blockquote>“APIs allow integration to happen much more quickly and with much larger datasets. This is particularly relevant as one of the most difficult challenges for many financial institutions is the integration of many different and often incompatible systems, including legacy technologies and specialised tools, created by different developers.”</blockquote><p>By streamlining administration and freeing up human resources, technologies like APIs have addressed the labour-intensive process of regulatory compliance that originally plagued FICA compliance.&nbsp;</p><h2><b>The Road Forward – Public and Private Sector Cooperation&nbsp;</b></h2><p>Cooperation has thus far paved the way for widespread innovation and the transformation of AML/CFT compliance.&nbsp;</p><blockquote>“Increased communication and cooperation between the public and private sector, informed by the type of information and analysis provided by this report, together with an emphasis on responsible adoption of new technologies and effectiveness, in particular with regard to data protection regulations, will be key to overcoming these challenges and fully realizing the promise of responsible innovation to strengthen the effectiveness of AML/CFT measures."</blockquote><p>By combining public sector legislation with private sector technological innovation, South Africa has been able to modernize its economy and actively move towards a secure economy based on transactional security. Today, businesses no longer have to choose between lower costs, improved efficiency, and world-class customer experience. When ensuring regulatory compliance, businesses can have their cake and eat it too.&nbsp;</p><h2><b>Enhanced Due Diligence, KYC and Identity Verification Services South Africa</b></h2><p><meta charset="utf-8"></p><p>As South Africa’s leading provider of world-class due diligence and remote-onboarding solutions, ThisIsMe is proud to be at the forefront of a trust-based and privacy-compliant digital world. To experience how our full suite of advanced due diligence services can serve your business, book a demonstration by contacting our team <a href="https://thisisme.com/contact-us" target="_blank">here</a>.&nbsp;</p><p><br></p><p><i>Citations&nbsp;</i></p><ol><li><span lang="EN-US">PwC. Global Economic Crime and Fraud Survey. 2020.</span><span></span><i><br></i></li></ol>

Understand how and why private sector innovation has transformed and continues to enrich AML/CFT regulatory compliance for businesses.

Why the RegTech and FinTech Industries are Fundamental to AML/CFT

<div class="sub-title m-b-10">Trusted by the Best</div><h5 class="title">Our Customers Love Us</h5>

<h5 class="title">ThisIsMe API</h5><blockquote>Integrate today to seamlessly automate and scale your key processes with our standards-based API</blockquote><p class="w-80 w-m-100">Essential verification tasks need not be a drain on resources. By integrating your key processes directly with our API, you ensure compliance, reduce risk and deliver a swift experience your customers will love.</p><a class="btn btn-small btn-olivine-green cms-btn" href="https://ct-live-api.thisisme.com/" target="_blank">Documentation</a>

<h5 class="title">Hosted Verifications</h5><blockquote>Our Partners Platform empowers hundreds of users with the tools they need to validate and verify information every day</blockquote><p class="w-80">When direct integration is not required, our hosted solution, the Partners Platform, can execute any service available via API integration, right in the web. The Partners Platform can be customised to fit branding requirements and company permissions are strictly followed, putting you in control of who sees what.</p><a class="btn btn-small btn-olivine-green cms-btn" href="/#Demo-Form">Request Demo</a>

<div classname="sub-title m-b-10">INDUSTRY SOLUTIONS</div>
<h5 classname="title">Solutions to real problems</h5>

<p>Accountable and Reporting Institutions (AI’s and RI’s) are all too familiar with the headache surrounding FICA requirements of verifying customers. Thankfully, the risk-based approach adopted with the 2017 Amendments to FICA puts the power in the hands of AIs and RIs.&nbsp;</p><p>Our suite of products and services provide confirmation of an individual’s identity, most probable address, contact number, and employer information in real time, allowing our clients to corroborate information and documents they’ve been supplied with.&nbsp;</p><p>When riskier transactions present themselves, elevated risk checks supporting enhanced due diligence exercises can easily be performed via the same platform.</p>

ThisIsMe combines access to golden-source data with world-class technology allowing for seamless KYC regulatory compliance

Know Your Customer

<p>When getting onboarded, clients, customers and staff are often subjected to cumbersome procedures that fail to adequately reduce the inherent associated risk for the organisation.</p><p>Simplify your customers’ journey and optimise internal resources by replacing legacy procedures with ThisIsMe’s state-of-the-art onboarding solutions. Our leading digital onboarding services are designed to satisfy all onboarding requirement and range from simple CID (Customer Identification) transactions to enhanced customer due diligence exercises. ThisIsMe also offers bespoke onboarding solutions for clients whose complex set of demands require an approach that is tailored to their specific business requirements and risk determination strategies.&nbsp;<br></p><p>Our services can be consumed via Mobile SDK (Android and iOS) and through API microservices, thereby giving you the flexibility to inject smart validation into all stages of the onboarding process.<br></p>

Sign up new customers, staff or suppliers seamlessly with ThisIsMe’s onboarding solutions

Automated Digital Onboarding

<p>ThisIsMe provides direct, real-time identity verification services by utilising the Home Affairs National Identification System (HANIS) database – a system that provides multiple solutions for the verification of an individual’s national identity and deceased status.&nbsp;</p><p>The rapidly increasing demand for real-time application processing has made identity verification a critical component of any business’s engagement strategy.&nbsp;<br></p><p>ThisIsMe’s identity verification services empower businesses to mitigate risk associated with identity fraud by quickly and accurately verifying a client’s identity, all while maintaining the highest standards for data security, confidentiality, and customer experience.&nbsp;<br></p>

Perform real-time identity verification and mitigate fraud risks prevalent in today’s digital lifecycles

Identity Verification Solutions

<p>By using a photograph or captured selfie to cross-check and verify identity, ThisIsMe’s Biometric Verification Solution offers the highest degree of real-time risk mitigation for businesses engaging with clients in a digital or face-to-face environment. </p><p>The service scans a photograph or captured selfie and transforms facial features into digital biometric information. The information is then used to cross-check the photograph against a provided Identity Document or Passport, thereby confirming or invalidating the individual’s provided identity information.</p><p>For South African citizens, ThisIsMe offers an enhanced service that crosschecks a photograph and a given identity document against the digital image held by the DHA on the Home Affairs National Identification System (HANIS).</p><p>A detailed report is generated confirming the matching results between the various images including those retrieved from the HANIS database.</p>

Determine the validity of an individual’s identity with our facial recognition solutions

Facial Biometric Verification

<p>ThisIsMe’s risk assessment services help to ensure regulatory compliance by complimenting an effectively implemented risk-based approach.&nbsp;</p><p>Our Anti-Money Laundering protocols, Politically Exposed Persons checks, and Sanction Screening solutions provide a detailed and timeous identification of potential risk, thereby allowing businesses to properly execute their risk mitigation procedures and ensure regulatory compliance.&nbsp;<br></p><p>ThisIsMe offers multiple additional tools for the further investigation into potential risk, including risk related to mobile telephone numbers, email addresses, or credit-risk specifically. Our Credit Risk Assessment solutions range from a simple Credit Score and Summative Credit Profiles, all the way through to a Complete Consumer Credit Report.<br></p>

Screen  your customers to protect your business from associating with financial criminal activity or politically exposed individuals

Risk Assessment Services

<p>ThisIsMe’s Information Validation Services allow for the quick and efficient validation of documents and information. Our services allow businesses to reduce costs and streamline cumbersome administrative tasks such as client onboarding or the management of a customer base, while still maintaining the highest standards for data accuracy, security, and customer experience. &nbsp;</p><p>ThisIsMe offers a range of solutions that provide access to data sources covering Contact Information, Address Data, Employer Information, Property Ownership, CIPC Business Principal Statuses, Trusts, and Marital Status Information. &nbsp;Access to this information is provided in multiple forms, via multiple channels, thus ensuring the most appropriate solution to each of our clients’ unique business requirements and existing workflows.<br></p>

Access secure, compliant solutions, utilising multiple trusted data sources for the validation of information