Facephi Supports South African Banks Following Removal from FATF Grey List
Facephi, a specialist in digital identity and fraud prevention, has released a practical guide for South African financial institutions. This initiative comes in the context of regulatory strengthening following the country's removal from the Financial Action Task Force (FATF) grey list and the implementation of a governmental digitization agenda.
Empowering Compliance Processes in South Africa
Facephi positions its technology as a layer enabling compliance processes in South Africa. The company allows financial institutions to connect their account opening and authentication processes to the public identity infrastructure currently being deployed (Digital ID and MyMzansi platform), while ensuring compliance with POPIA standards and the Joint Standard 2 of 2024 concerning data protection and cybersecurity. The South Africa Compliance Pocket Guide serves as a guidance tool for financial sector decision-makers to navigate the current regulatory landscape.
Leveraging a Decade of Experience in Stringent Regulatory Environments
Facephi bases its positioning on more than a decade of operations under the world's most demanding regulatory environment, that of the European Union. Its solutions hold certifications including ISO 30107-3 (liveness detection), ISO 27001 (information security), iBeta Level 2, and SOC 2, with clients including Scotiabank. The company highlights explainable AI, auditable controls, and complete traceability of processes as responses to the increasing demands of the South African market.
