Electronic Identity Verification in South Africa
An Emerging Market
- GDC covers over 90% of the addressable South African adult population. 90%
Businesses remain at significant risk from financial crime in South Africa, despite having the most developed regulatory framework and legal system in the Southern African region with which to deal with these types of crimes risks.
While South Africa is not on the Financial Action Task Force (FATF)’s blacklist of high risk or non-cooperative jurisdictions in terms of their anti-money laundering/combating of terrorist financing (AML/CFT) legal frameworks, South Africa is deemed a ‘major money laundering country’ by the US Department of State. To combat such financial crimes, South Africa has introduced legislation such as Financial Intelligence Centre Act (FICA) which mandates that all ‘accountable institutions’ are required to implement ‘Know Your Customer’ (KYC) due diligence procedures when dealing with clients and are required to report all cash transactions above a certain amount to the Financial Intelligence Centre (FIC).
Verifiable Data Elements in South Africa
Date of Birth
Data Sources Available for South African Identity Verification
With GDC’s Data as a Service model, all data is stored and maintained in South Africa in compliance with POPI. The sources are independent reference data sets that are qualified for identity verification use cases, and they are reliably updated and maintained by GDC’s data partners. No personally identifiable information leaves the source databases in the process of verifying identities.
How Global Data Consortium Works
The GDC global identity verification platform integrates the best available data and verification intelligence curated from our dozens of in-country partners. Each partner maintains identity verification solutions in their home country, helping in-country clients solve a variety of business problems. They deliver the most reliable identity verification results because they speak the language, understand the regulatory environment, and offer local expertise. Before joining the consortium, partners are required to go through a thorough vetting process, and their data must pass rigorous testing before it is released to GDC customers. But once they qualify to participate, they are our true partners and a big part of the GDC difference.