The Financial Intelligence Centre (FIC) mandates that sellers of high value goods comply with FICA requirements before entering a transaction with a client. At its core, it is about verifying the identity of clients to ensure that you engage with legitimate individuals or entities.
Fraudsters will often exploit client onboarding processes by using false identities, forged documents, or stolen credentials. Weaknesses in your processes open the door for such fraudulent activity.
Yet too often, FICA compliance creates time-consuming document collection, slowing down deals and frustrating buyers.
The solution? Leverage smart technology to streamline and speed up this process.
nCino KYC’s Biometric Authentication and Verification feature offers exactly that. It enables clients to verify their identity in just a few clicks, cutting down on admin, ensuring FICA compliance, and keeping your sales process moving forward.
The solution delivers:
- Speed with flexibility: Instant identity verification through database checks and biometric matching, reducing onboarding time while maintaining compliance standards.
- Advanced fraud protection: Biometric liveness detection and real-time validation create multi-layered security.
A well-designed compliant onboarding process which is aligned to FICA requirements enables only legitimate customers to enter the financial system, protecting both your business and the broader system from financial crime.
With identity theft on the rise, staying ahead is no longer optional. This means adopting the latest technology is no longer an option, but a necessity!
By using a solution like nCino KYC you can speed up your onboarding while still providing irrefutable proof of customer identity.
Explore how Biometric Authentication and Verification solution can transform your onboarding today. Click here to discover smart FICA onboarding.
About nCino KYC:
nCino KYC is powering a new era in FICA. We take the hours and complexity out of FICA compliance by giving your team the software and services to work faster, smarter, and with complete confidence.
