WHAT KYC COVERS
Three pillars of customer verification
KYC is not just identity - it is the combination of who someone is, where they say they live, and whether you have documented proof.
01
Identity Confirmation
Name, surname, and ID number are verified to confirm the individual is who they claim to be.
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Full Name & Surname
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13-Digit SA ID Number
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Cross-referenced against bureau records
02
Address Verification
Residential address details are matched against multiple credit bureau sources - three or more matches confirm the address as accurate for KYC purposes.
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Street address submitted
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Matched across bureau sources
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3+ matches = KYC-compliant confirmation
03
Compliance Documentation
Every check is logged, timestamped, and stored in your transaction history - giving you the audit trail required for FICA compliance.
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Timestamped verification record
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Full online transaction history
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Downloadable for audit purposes
HOW IT WORKS
From Submission to Confirmed in Seconds
The KYC process combines identity and address verification into a single query, routed through a registered South African bureau.
1
Submit customer details
Enter the customer's name, surname, ID number, and residential address on the secure Veriseal platform or via API.
2
Details sent to credit bureau
The information is securely routed to a registered South African bureau, where it is matched against data supplied by credit sources for the individual.
3
Match count returned
The bureau returns a count of how many of its data sources match the supplied address. Three or more matches confirm the address as accurate for KYC purposes.
4
Result logged and stored
The verification result is recorded in your account with a timestamp and full details - ready for your compliance team and auditors.
THE SOURCE
Why a credit bureau - and why does it matter?
Unlike identity verification, which checks a government register, address verification has no single authoritative source. A credit bureau aggregates address data from dozens of credit sources — banks, retailers, insurers, and lenders — who each record where their customers live. The more sources that confirm an address, the higher the confidence that it is accurate.
WHO NEEDS KYC
Regulated Businesses That Can't Afford to Get It Wrong
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REGULATORY CONTEXT
FICA Compliance is not optional - and the penalties are significant
The Financial Intelligence Centre Act requires all accountable institutions to verify clients' identities before entering into a business relationship or performing a transaction. Non-compliance exposes your business to regulatory action, financial penalties, and reputational damage.
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Banks, insurers, attorneys, accountants, estate agents, and others are defined as accountable institutions under FICA and are subject to mandatory verification obligations.
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The FIC Act requires identity verification and address confirmation - both of which are covered by Veriseal's KYC service in a single check.
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Every Veriseal KYC verification produces a timestamped, documented result - giving you the compliance record your organization needs,