How Insutec Supports FICA Compliance for Insurers
The Financial Intelligence Centre Act (FICA) is South Africa's anti-money laundering and counter-terrorist financing law, administered by the Financial Intelligence Centre. Long-term insurers underwriting life-related risk classes are designated accountable institutions under FICA Schedule 1, with direct obligations around customer due diligence, record-keeping, and reporting.
What FICA requires of accountable institutions
As an accountable institution, an insurer needs a Risk Management and Compliance Programme (RMCP) and has to demonstrate it in practice. Insutec helps you evidence the controls FICA expects:
- Customer due diligence (CDD)
- Verifying policyholder and beneficiary identity before onboarding
- Establishing source of funds for higher-risk business
- Enhanced due diligence for politically exposed persons (PEPs)
- Record-keeping
- Retaining CDD and transaction records for at least five years
- Reporting obligations
- Suspicious and unusual transaction reports (STRs) to the FIC
- Cash threshold reports where applicable
- Ongoing monitoring
- Monitoring policyholder activity against their risk profile on an ongoing basis, not just at onboarding
Depending on your book, your risk rating methodology, and your existing RMCP, Insutec may also help address FICA obligations not listed above.
How Insutec supports your FICA program
Insutec keeps policyholder and beneficiary data, along with the activity around it, in one governed platform, so your compliance team is not reconstructing a due diligence trail from scattered records when the FIC or your auditor comes asking.
Keep a complete due diligence record per policyholder
Identity verification, risk rating, and source-of-funds documentation stay attached to the policyholder record, not buried in separate files or inboxes.
Flag activity that falls outside a policyholder's normal pattern
Get notified when claims or policy activity looks unusual relative to a policyholder's risk profile, so your compliance team can assess it before it becomes a reporting obligation you missed.
Produce audit-ready records in minutes, not days
Pull a complete due diligence and activity history for any policyholder or reporting period on demand, formatted for internal assurance or FIC engagement.
Share on