FICA’s Identity Verification Requirements

FICA requires AIs to verify customer identities to combat money laundering. The ID number is the cornerstone of this verification.

• Validation as the First Step: Using a service to validate the structural integrity of the SA ID number (Luhn Algorithm, date format) is the fastest way to confirm the identity document is legitimate before gathering supporting FICA documents.
• Reducing Onboarding Friction: Instant validation flags errors immediately, preventing delays and reducing customer drop-off associated with manual checks.
• Automated Audit Trails: Reputable ID validation services provide a clear, timestamped record of the validation check, which is invaluable proof of compliance during FICA audits.