Page 12 - KZN Business Sense - Hantie Plomp

NAVIGATING FICA COMPLIANCE FOR THE SOUTH

AFRICAN RETAIL INDUSTRY

Sameer Kumandan, Know Your Customer (KYC) with insolvent companies, or facilitating efficient vetting ■ Quick and trustworthy results:
Managing Director, regulations mandate extensive falling victim to scams. and simplifying the collections Real-time searches and
SearchWorks verification procedures for process, minimising the risk accurate data ensure informed
retailers. SearchWorks assists Combating fraud and of workplace incidents and decision-making, minimising
he South retail institutions to ensure boosting loss prevention legal issues. Additionally, risk and maximising efficiency.
African they carry out their due Fraud, a major concern for the platform simplifies ■ Unified platform:
Tretail diligence in terms of accurate South African retailers, erodes collections through default All searches are accessible from
industry operates KYC and KYB. With CIPC profits and damages brand listings and letter of demand a single platform, streamlining
in a complex (Companies & Intellectual reputation. SearchWorks offers functionalities, saving valuable workflows and facilitating
Property Commission) searches
and challenging verifying supplier legitimacy a robust arsenal of searches to time and resources. cross-departmental
environment. and ID verification ensuring combat this threat. From ID collaboration.
Economic customer accuracy, retailers verification and address tracing Adapting to the changing ■ Customisation and access
uncertainty, can ensure compliance and to criminal checks, credit retail landscape control:
rising costs, mitigate risk. reports, PEP and Sanction In facing increasingly Retailers can customise search
and unpredictable consumer checks as well as Anti-Money tough economic conditions, permissions, granting access
demands have created conditions These searches are critical Laundering checks, retailers retailers need to be agile and based on departmental needs.
in which retailers must constantly steps in countering fraud and can gain crucial insights adaptable, especially when
adapt to survive. Loadshedding reducing financial risk. KYC into potential and existing it comes to understanding The catalyst for retail success
further disrupts operations and verifies identity and legitimacy customers, minimising the risk their customers. SearchWorks By automating vital checks
sales, while compliance with of customers, helping to of fraudulent transactions and empowers retailers with and compliance, enabling
regulations like FICA and KYC prevent fraudulent activities bad debt. valuable consumer insights informed decision making,
(Know Your Customer) increases like money laundering, identity Streamlining operations and through income estimators and streamlining operations,
theft, and fake accounts.
the administrative burdens for This protects retailers enhancing efficiency and comprehensive profiles. SearchWorks allows retailers to
retail businesses. Additionally, from financial losses and This data enables data- move out of survival mode in
fraud remains a significant threat, potential legal repercussions, SearchWorks gives retailers driven decisions regarding order to thrive. “SearchWorks
eroding profits and undermining particularly important given the tools to streamline credit offerings and targeted provides a compass for retailers
consumer trust. that the retail industry relies operations and improve marketing campaigns, to overcome their industry’s
efficiency. It automates
The South African retail heavily on credit. This means onboarding processes by ultimately helping retailers biggest hurdles to building
sector is facing an uphill battle. it is vital to identify and handling KYC, KYB and cater to the ever-evolving businesses where customer
needs of their customers.
Businesses need innovative tools verify customers as well as do FICA compliance checks for trust is bolstered, operational
efficiency is maximised, and
and strategies to mitigate risks, a credit check to ensure that suppliers and customers, The SearchWorks advantage informed decisions drive
optimise operations, and stay credit is granted to the correct minimising manual tasks growth and profitability,”
ahead of the competition, says creditworthy clients. and paperwork. This allows SearchWorks offers a unique concludes Kumandan. 
Sameer Kumandan, Managing CIPC search functionality retail staff to redirect value proposition for South
Director of SearchWorks, South confirms the existence and their focus to more critical African retailers to enable
Africa’s largest, forward-thinking legal status of a supplier, responsibilities. Decision- agility and adaptability, with: T: +27 (0)86 034 0000
E: info@searchworks.co.za
data aggregation platform. ensuring they are a legitimate making is enhanced by ■ Comprehensive search suite: W: www.searchworks.co.za
business entity and not a providing real-time access to Over 180 search options cater
A web of compliance and front for fraudulent activities. accurate data, aiding retailers to diverse needs, from KYC/
regulatory battles This reduces the risk of in assessing creditworthiness. KYB verifications and credit
The Financial Intelligence retail businesses purchasing Employee management checks to employee vetting and
Centre Act (FICA) and counterfeit products, dealing is further streamlined by supplier due diligence.

DISCOVER WHAT MAJOR NATIONAL CUSTOMERS

WANT FROM SUPPLIERS

OIN A FREE WORKSHOP “KZNCTC Origin8: From Start- opportunity. They not only have
FOR SMES IN THE CTFL up to Scale-up”, designed to help the chance to engage face-to-face
JSECTOR South African-owned SMEs with major national customers but
understand their customers’ needs will also gain first-hand insights
The journey for most South and give them a better chance of into what they are looking for
African Small, Medium Enterprises demonstrating their potential. from suppliers, enabling SMEs
(SMEs) is fraught with challenges, to align their value proposition
with a staggering 75% failure rate* Ballard explains, “This accordingly. “This truly is an
– one of the highest in the world. programme was born from a desire exciting opportunity not to be
Even the most promising ventures to give every SME in the clothing, missed,” Ballard says.
struggle to survive beyond their textile, footwear, and leather
first five years. sector – from fabric suppliers and Scheduled for Tuesday, 21 May
garment manufacturers to pattern 2024, from 09h00 to 13h00, at
Kyle Ballard, Head of services and textile recycling the prestigious Toyota Wessels
Accelerators for the KwaZulu- companies – a better chance of Institute for Manufacturing
Natal Clothing & Textile showcasing the value they can add Studies (TWIMS) in Kloof,
Cluster (KZNCTC) believes to new and existing customers. KwaZulu-Natal, Ballard says that
that while issues like cash flow Because if they win, our nation attendees can expect the following:
and compliance are significant wins. After all, SMEs play a crucial ■ Hear directly from industry
contributors, one of the toughest role in addressing unemployment, giants in an interactive Q&A So, if you are a South African- Spaces are limited, and
hurdles is landing those coveted driving economic growth, and session owned SME currently operating or preference will be given to
‘big customers’. “Many SMEs find ensuring fair income distribution.” ■ Discover how to align your aspiring to venture into supplying businesses based in KwaZulu-
themselves struggling to even get a value proposition with customers in the clothing, textile, Natal, particularly in the
foot in the door,” he says. To kick off the programme, customer needs footwear, and leather sector, eThekwini region. 
the KZNCTC is hosting a ■ Engage directly with new/ register for this free workshop
In response, the KZNCTC is complimentary workshop that potential customers and other before 15 May 2024 at https://bit. For further enquiries, please email
rolling out a support programme, presents SMEs with a remarkable industry stakeholders ly/3TQ3SpH. kznctc@bmanalysts.com

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