Fintech startup DocFox has partnered with leading global law firm Norton Rose Fulbright to provide a digital solution to help companies simplify the FICA compliance process.
DocFox offers a higher level of authentication than current paper-based solutions and conducts various fraud checks using the latest technology to ensure document authenticity and compliance. The tool also simplifies and speeds up the entire process. In addition, all communications with clients can be white-labelled by the institution.
"DocFox is a sophisticated yet easy-to-use web application that helps customers submit their FICA documents electronically in a just a few taps. Customers can upload copies of their proof of identity and address documents, or submit documents using their smartphone camera," said DocFox CEO and co-founder Ryan Canin.
Marelise van der Westhuizen, a director at Norton Rose Fulbright, said: "Our firm advises many of the world's leading banks, asset managers, financial investors and insurers and consequently has detailed country-specific regulatory knowledge. We have worked with DocFox to codify FICA legislation into intelligent decision engines, which assess what is required for every application in a simple, secure and compliant way. We are also closely monitoring know-your-client trends in compliance internationally."
Currently available exclusive to the South African market DocFox intends to expand globally via its US investor network and Norton Rose Fulbright. The firm is a gold member of the RMI AlphaCode club for fintech startups.
FICA legislation was introduced in 2003 to fight financial crime and align South Africa with global security and forms part of the know-your-customer of client identification to prevent identity theft, financial fraud, money laundering and terrorist financing.
