Automating Your KYC And FICA Process With Ware Centric

Employees who are responsible for interacting with clients will be able to determine whether a prospective client intends to conclude a single transaction or enter a new business relationship with the firm.

Know Your Customer (KYC) involves knowing a customer's identity, financial activities, and the risk they pose prior to being accepted as a client.

The information of a client must be recorded within 3-5 business days of establishing a new business relationship with the client. The records will be recorded for Financial Intelligence Centre Act (FICA) purposes. The FICA Compliance Officer will monitor the firm's continued compliance with this requirement by performing spot checks on the Business Relationship Due Diligence Register.