Overview

To comply with the Financial Intelligence Centre Act (FIC), microlenders must perform customer due diligence and risk aversion checks. This module integrates with a service provider, Beeswax, to perform these essential checks directly within MAXMONEY, helping you meet your regulatory obligations. Please note that there is a cost associated with performing each FIC enquiry.

Video Tutorial

• For a visual guide on how to do the Sanctions, PIP/PEP and IDV checks for CDD & KYC as required by FIC, watch the video link - https://www.youtube.com/watch?v=hjHoTRYLjEo

Scope

Through the Beeswax integration, microlenders can perform the following checks on clients using their South African ID number:

• Politically Exposed Person (PEP): Identifies individuals who are or have been entrusted with prominent public functions.
• ID Verification (IDV): Verifies the client's identity against official records.
• Sanctions List: Checks if the client appears on any official sanctions lists.

For audit purposes, a case management report can be generated from the Beeswax system.

Important: The Beeswax integration does not support checks using passport information.

1. Prerequisites & Setup

Required User Permissions

An administrator must first activate the necessary resources for the relevant user roles.

Navigation: Setups > Security > Roles > Edit Role

Required Resources:

• Client FIC Enquiry: Allows a user to perform a new FIC enquiry on a client.
• Client FIC View: Allows a user to view the history of FIC enquiries for a client.
• Setup FIC Setup: Allows a user to configure the FIC integration settings.

FIC Integration Setup (Beeswax)

Before using this feature, you must configure the integration settings for your legal entity.

Navigation: Setups > FIC > Beeswax

Configuration Options:

• Enabled: Check this box to activate the FIC enquiry functionality for the entity.
• Force IDV Check: If checked, the system will require a successful ID Verification check to be on record before a new loan can be created for a client.
• Force Sanctions Check: If checked, the system will require a successful Sanctions List check to be on record before a new loan can be created.
• Force PEP Check: If checked, the system will require a successful Politically Exposed Person check to be on record before a new loan can be created.
• Bearer Token: Enter the unique API token provided by Beeswax for your entity. This is required for the integration to work.

2. Managing FIC Enquiries in MAXMONEY

Performing a New FIC Enquiry

You can initiate a new check or view the results of previous checks from the client's profile.

Navigation: Client Administration > Search for a Client > FIC Enquiry

How it Works:

• The screen will show the date of any previous enquiries. If no enquiry has been done, this will be blank.
• To perform a new check, tick the box next to the desired enquiry type (IDV, Sanctions, PEP) and click Next. A live call will be made to Beeswax, and the new results will be displayed.
• To view the results of a previous check without running a new one, ensure the box is not ticked and click Next. The system will display the most recent historical result for that enquiry type.
• If an error occurs during the enquiry, a message will be displayed on the screen.

Understanding the Results:

• Is a PEP: Indicates if the person is identified as a politically exposed person.
• Valid ID: Indicates if the client's ID number, first name, and surname match official records.
• On Sanctions List: Indicates if the person was found on a sanctions list. A "Yes" result requires further investigation within the Beeswax system.

Viewing FIC History on a Client's Profile

You can view a summary of the latest FIC results and access the full history directly from the client's main edit screen.

Navigation: Client Administration > Search for a Client > Edit Client > FIC

Features:

• View the latest status of all checks.
• Review the full history of all enquiries performed.
• Click the Do FIC Enquiry button to navigate directly to the enquiry screen and perform a new check.

3. FIC Checks in the Loan Process

Creating a New Loan

If any of the "Force" options are enabled in the FIC Setup, the system will prevent a new loan from being created until the required checks have been completed.

Navigation: Client Administration > Search for a Client > New Loan

Validation Process:

• When you click New Loan, the system checks if the forced enquiries have ever been performed for that client. It only checks that a check was done, not what the result was.
• If a required check is missing, an error message will appear, stating which checks are outstanding. The message will include a button to take you directly to the FIC Enquiry screen to perform the necessary checks.

FIC Status Indicator in the Loan Process

Within the step-by-step loan process, a visual indicator shows the client's FIC compliance status at a glance.

Navigation: Client Administration > Search for a Client > Loan Process > FIC

The symbol next to the FIC step is determined as follows:

• No Symbol: Displayed if the Beeswax integration is not enabled in the setups.
• Green Tick:
  • If no checks are forced: A tick appears if any type of FIC check has ever been done for the client.
  • If checks are forced: A tick appears only if all of the forced checks have been done.
• Red Cross:
  • If no checks are forced: A cross appears if no FIC checks of any kind have ever been done.
  • If checks are forced: A cross appears if one or more of the required forced checks have not been done.