FIC
Financial Intelligence Centre
The Financial Intelligence Centre (FIC) Act forms part of South Africa’s anti-money laundering (AML) and counter-terrorism financing regime.
By incorporating a Client Due Diligence (CDD) process as well as client screening against the FIC’s Targeted Financial Sanctions list (TFS List) , Mobiloan plays a proactive role in preventing loans to sanctioned individuals.
📕 Related Documentation
Be sure to read up on the following related documentation links
How does Mobiloan ensure FICA Compliance?
A Client Due Diligence (CDD) is a mandatory requirement for all new and subsequent FIC screenings within the loan origination process. This Client Due Diligence screen facilitates the initiation of a new FIC inquiry.
The FIC inquiry process comprises the following steps:
A live, in-person CDD conducted by the loan originator.
A real-time TFS list check against the FICA database performed by Mobiloan.
A comprehensive risk assessment based on the CDD findings utilizing a decision matrix.
By combining advanced KYC (Know -Your-Client) practices with real-time FIC database checks, Mobiloan provides a fortified defense against financial crime.
TFS Listings
Targeted Financial Sanctions (TFS) are a set of financial restrictions imposed on specific individuals, entities, or countries. These sanctions are typically implemented as a response to:
Terrorism: Preventing the financing of terrorist activities.
Proliferation of weapons of mass destruction: Curbing the spread of nuclear, chemical, or biological weapons.
Human rights abuses: Holding accountable those responsible for gross human rights violations.
Other criminal activities: Targeting individuals or groups involved in organized crime, corruption, or drug trafficking.
Sanctions can impose the following characteristics :
Asset freezing: Financial assets of designated persons are frozen, preventing their use.
Trade restrictions: Bans on specific goods or services, or limitations on trade with certain countries.
Travel bans: Restrictions on the movement of designated individuals.
What is an RMCP and How does Mobiloan facilitate custom RMCP
A Risk Management Control Program (RMCP) is a framework designed by organizations to identify, assess, and manage risks within their operations, ensuring compliance with regulatory standards and protecting against potential fraud or losses. Mobiloan facilitates custom RMCPs by offering customizable risk ratings that align with specific RMCP requirements, integrating comprehensive features such as FICA compliance, client due diligence, and KYC reports.
This allows organizations to tailor risk assessments precisely to their needs, providing detailed classifications from LOW RISK to EXTREME HIGH RISK, and ensuring seamless incorporation of their RMCP with Mobiloan's robust risk management tools.
Accessing Client FIC Records
FIC enquiries done through Mobi loan get's stored on the client and can be accessed within the client menu
Understanding DPIP and FPPO Individuals in South Africa (FICA Laws)
DPIP - Domestic Prominent Influential Person
A DPIP refers to an individual in South Africa who holds a prominent public position or is entrusted with a high-level function in the country.
These people often have significant influence over decision-making processes and public affairs due to their positions.
Common DPIP Roles:
National or provincial government officials
Senior executives in state-owned enterprises (e.g., CEOs, directors)
Judges, magistrates, or other senior judicial figures
Senior members of political parties
High-ranking members of the military or law enforcement
FPPO - Foreign Prominent Public Official
An FPPO refers to an individual who holds or has held a prominent public office in a foreign country. This could be someone involved in government, international organizations, or any person linked to high-level international politics.
Common FPPO Roles:
Heads of state or heads of government (e.g., presidents, prime ministers)
Senior officials in foreign governments or international organizations
High-ranking military officials in foreign nations
Ambassadors, consular officials, or senior diplomats
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