Johannesburg, South Africa – September 2024 – VerifyNow.co.za, a proudly South African company, has announced the launch of its innovative all-in-one dashboard platform, designed to offer FICA compliance tools and instant Know Your Customer (KYC) verification. This cutting-edge platform aims to simplify compliance processes and protect businesses from the growing risks of identity fraud and non-compliance penalties.

According to recent studies, South Africa faces significant challenges with identity fraud, costing businesses millions each year. Non-compliance with the Financial Intelligence Centre Act (FICA) exposes companies to heavy fines and reputational damage. VerifyNow’s platform addresses these critical issues by providing a seamless and efficient solution for compliance and verification processes.

"Effortless FICA Compliance"

“Our mission is to empower South African businesses to navigate the complexities of FICA compliance effortlessly,” said Ru Foster, CEO of VerifyNow. “We understand the risks that identity fraud and non-compliance pose to companies. Our platform offers a simple, efficient solution that can be tailored to the needs of any business, whether small or large.”

Key Features of the VerifyNow Platform:

• Identity Verification: Quickly confirm customer identities to prevent fraud.
• KYC/AML/PEP Compliance: Ensure adherence to Know Your Customer (KYC), Anti-Money Laundering (AML), and Politically Exposed Persons (PEP) regulations.
• Contact Tracing: Efficiently track interactions to comply with health and safety regulations.
• Free Risk Management and Compliance Programme (RMCP) Generator: Create customised RMCPs to meet FICA requirements at no extra cost.
• FICA Compliance Toolkit: Access free training resources and tools designed to simplify compliance.
• User-Friendly Dashboard: Manage all compliance activities through an intuitive interface.
• Scalable Plans: Flexible subscription models suitable for startups to large enterprises.
• Secure Data Handling: Advanced encryption and security protocols to protect sensitive information.

Real-World Impact

A recent study by the South African Banking Risk Information Centre (SABRIC) highlighted the increasing threat of identity fraud, with cases rising by 22% in 2024, leading to losses of R4.2 billion. VerifyNow’s platform aims to help businesses combat this growing problem. A pilot program with a mid-sized Johannesburg company showed significant improvements in risk management and resource allocation. "VerifyNow's platform has transformed our compliance processes and reduced our risk exposure," commented an industry expert.

The Importance of FICA Compliance

Non-compliance with FICA regulations can result in fines of up to R100 million or imprisonment for up to 15 years. As financial crimes rise, regulators are implementing stricter measures to ensure businesses are not facilitating illegal activities. VerifyNow’s platform helps companies meet these obligations efficiently, ensuring compliance while reducing the risk of penalties.

Join the Compliance Revolution

Businesses looking to safeguard against fraud and non-compliance penalties are encouraged to visit www.verifynow.co.za to learn more about the platform’s features and subscription plans.

About VerifyNow

VerifyNow is a Johannesburg-based technology company providing innovative solutions for FICA compliance and KYC verification. Fully compliant with the Protection of Personal Information Act (POPIA) and SOC 2® standards, VerifyNow ensures secure and ethical handling of data. The company combines local expertise with advanced technology to serve businesses across South Africa.

Media Contact

D Foster
VerifyNow
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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