Emerald Consulting, a subsidiary of software and services provider DVT, recently launched a complete solution for managing the FICA compliance process. The company is renowned for providing solutions and services for the legal sector.
The Financial Intelligence Centre Act 38 of 2001 (FICA) was introduced to help prevent financial fraud, money laundering and other related crimes. The act requires all banks, financial institutions and credit service providers to verify client information through a “know your customer” (KYC) due diligence process, prior to entering into any financial transactions with them.
Service providers are prohibited by law from entering into any financial transactions with a client unless they have complied with FICA regulations.
Emerald Consulting’s FICA software product is designed to manage the entire FICA process electronically, allowing companies to avoid the unwieldy paper-based procedures associated with the FICA compliance process.
“The automated solution saves companies time, and it is convenient and reliable,” says Emerald Consulting MD, Hanri Edwards.
“It not only automates and manages every step of the FICA compliance process; it also includes a digitised documentation storage solution, providing companies with a paperless solution, which increases efficiency in processing and management of high volumes of information while maintaining a full history of previous FICA checks.”
Emerald Consulting was founded in 1999, and acquired by DVT in 2008. Operating primarily in the legal and professional services sectors, Emerald Consulting helps its customers to improve their business technology systems by developing solutions to difficult problems, identifying new strategies and maximising the value of IT investments.