Page 22 - KZN Business Sense 10.4 - Jay Patel - Ebook

CONSIDER AUTOMATING FICA COMPLIANCE

Sameer Kumandan, application that does exactly ■ COMPREHENSIVE
Managing Director, that, says Sameer Kumandan, COMPLIANCE:
SearchWorks managing director of VOCA ensures that businesses
SearchWorks. “VOCA is an adhere to the FIC Act by
hen a app designed to streamline implementing essential Anti-
well- the compliance processes for Money Laundering (AML) and
Wknown accountable institutions. The aim Counter-Terrorism Financing
fund manager is for any accountable institution (CFT) measures, such as
was fined R16 to be able to do exactly what the documented and easily accessible
million earlier name suggests: verify, onboard, verification checks, ensuring full
this year for and do compliance checks on audit trails. Meticulous records
failing to individuals and companies – but of transactions and customer
comply with automating these processes means information are maintained
the Financial they’ll spend much less time, for a minimum of five years.
Intelligence Centre Act (FICA) energy, and resources than if they Furthermore, the app can perform
stipulations for accountable were to do so manually.” comprehensive risk assessments
institutions, many companies in VOCA’s automated system is to identify and address potential
sectors such as real estate, law, and based on the unique rule sets and money laundering and terrorist
accounting jumped to action to risk appetite of each client. Every financing risks, as well as assist
ensure their compliance. check will generate a full report with compliance-mandated
But the mammoth task this can on an individual or business and employee training to equip staff
sometimes present means full will also include a risk rating with the necessary knowledge and
compliance can be extremely report based on the real-time skills to recognise and report any And, although the FIC Act was inspections and sanctions, but
difficult to attain through manual data returned. This will allow suspicious activities. created to prevent financial crime, hurts the broader economy as
processes alone. In the case of clients to ensure compliance ■ SEAMLESS ONBOARDING: following the guidelines set out well as international perceptions
Ashburton Fund Managers above, with the FIC Act, while creating While thorough compliance can in the Act will also improve a of it – especially after South
many of the compliance points a full audit trail as proof that the be a hassle for businesses and company’s reputation, ultimately Africa was grey listed by global
were in fact met. But the devil was necessary checks were done. their customers alike, VOCA attracting a more desirable financial crime watchdog the
in the details – for example, the Key benefits and features include: simplifies the onboarding process clientele. Financial Action Task Force in
company failed to screen its clients ■ STREAMLINED with automated checks, facial February 2023. Says Kumandan:
against the Targeted Financial VERIFICATION: verification, 3D liveness and data Beyond your own business “It’s crucial for those operating
Sanctions lists. verifications, reducing manual interests, ensuring your in these sectors to understand
The app can perform Know compliance as an accountable what is required of them by the
Automating FIC Act Your Client (KYC) /Know effort and enhancing efficiency institution will play a part in
requirements can be a game- Your Business (KYB) checks, – and, importantly, customer strengthening the country’s FIC Act, and to comply as soon
changer for accountable Company and Intellectual retention. economy. The Act and its stringent as possible. FICA compliance
institutions, not only ensuring Property (CIPC) checks, Why it’s important stipulations for accountable has really become a matter of
compliance but also freeing up ID verification, ID Photo institutions was created to protect national importance.” 
valuable time that would otherwise verification, Politically Exposed Not only does comprehensive those who operate in or deal with
be spent on completing these often Persons (PEP)/sanction checks, compliance mitigate legal risks and industries that are more vulnerable T: +27 (0)86 034 0000
intricate processes manually. FIC questionnaires, adverse news possible financial penalties, but it to money laundering and terrorist E: info@searchworks.co.za
checks, and account verification. also enhances your business. The W: www.searchworks.co.za
Introducing VOCA Users receive a detailed, real- improved security and reduced financing, including sectors such
VOCA, powered by data time report on each verification, human error will help protect your as real estate, credit provision, law,
and high-value sales.
aggregation platform enabling informed decision- business from financial crime,
SearchWorks, is a verification, making and proactive risk while increased efficiency saves Non-compliance not only
onboarding, and compliance management. time and resources. puts these entities at risk of

NEW ERA FOR KZN’S AUTOMOTIVE SECTOR

R1.1-billion automotive the province’s growing automotive Economic Development, operate the proposed Durban sector, with KwaZulu-Natal’s
components sector. Tourism, and Environmental Automotive Supplier Park in automotive manufacturing sector
A anufacturing facility This facility is the result of a Affairs, highlighted the sustained collaboration with the eThekwini contributing approximately
m
was recently inaugurated at joint venture between Toyota momentum in KwaZulu-Natal’s Municipality. R21 billion to the local economy
Dube TradePort’s TradeZone Tsusho Africa (Pty) Ltd and economy and the strategic role that Hamish Erskine, CEO of Dube annually and employing around
2, marking a significant foreign Ogihara Thailand Corporation Special Economic Zones like Dube TradePort, expressed satisfaction 20,000 people. Nationally, the
direct investment in KwaZulu- Ltd . Speaking at the launch, TradePort play in driving growth with Ogihara SA’s decision to automotive industry contributes
Natal and heralding a new era for within the vital automotive sector. 5.3% to GDP, with vehicle and
Rev Musa Zondi, MEC for locate its facility at TradeZone 2.
Ogihara SA’s new 32,000m² He noted that the location automotive component exports
facility at TradeZone 2 will house meets the private sector’s reaching a record value of
a relocated manufacturing and needs for a stable, secure, and R270.8 billion in 2023.
assembly plant from Thailand, sustainable environment, with Rev Zondi emphasised the
producing pressed steel green energy solutions becoming broader economic impact of this
components specifically for Toyota increasingly critical for investment, which will initially
South Africa Manufacturing. international supply chains. create 230 jobs, scaling up to 300
With construction underway, the within five years. Ogihara SA’s
plant aims to begin operations by Ogihara SA, established in 2023, commitment to source 90% of its
June 2025. will manufacture automotive steel sheets locally will support
components for Toyota South South Africa’s steel sector, critical
This investment is the largest Africa Manufacturing’s next- for the country’s industrialisation
secured by Dube TradePort generation Hilux IMV build objectives. Ogihara SA is one of
since its establishment alongside programme. This joint venture seven private sector investors
Durban’s King Shaka International is a significant step towards secured for Dube TradeZone 2.
Airport and follows Mahindra Toyota Tsusho Africa’s local value Dube TradePort Corporation
South Africa’s vehicle assembly addition improvement strategy has attracted R4.6 billion in
facility launch in 2018. Rev and aligns with national targets
L-R: Managing Director Toyota Tsusho Wayne Bowyer, Leadership of Toyota private sector investment since
Tsusho Corporation Andrew Velleman; CEO Toyota SA Motors Andrew Zondi expressed optimism about for localisation. its inception, creating more than
Kirby; MEC EDTEA Reverend Musa Zondi; Department of Trade, Industry future investments in the region, The automotive industry is South 5,000 permanent and 51,000
and Competition (DTIC) Minister Parks Tau; CEO Ogihara Hiroshi Morita; noting that the Dube TradePort
and Executive Vice president Manufacturing TSAM Nigel Ward. Corporation is set to develop and Africa’s largest manufacturing indirect jobs. 

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