Can I Verify Companies with VerifyNow? SA FICA & KYC Guide

Can I verify companies with VerifyNow? Yes—VerifyNow helps South African businesses complete company verification as part of FICA, KYC, and POPIA-aligned compliance workflows.
Learn more at VerifyNow.

Why company verification matters for FICA & KYC in South Africa

If you’re onboarding business customers, suppliers, partners, or beneficial owners, you’re not just dealing with “a company name.” You’re dealing with:

Legal entities (companies, close corporations, trusts, NPOs)
People behind the entity (directors, members, trustees, authorised signatories)
Risk (fraud, impersonation, fronting, sanctions exposure, data breaches)

In General Business, the compliance trigger is often simple: you need to know who you’re dealing with and keep a defensible record. That’s where FICA and KYC principles come in.

What “company verification” usually includes

To verify a company properly, you typically need to confirm:

Entity existence (is it registered and active?)
Registration details (registration number, name, status)
Address and contact details (where applicable)
Authorised representatives (who can act for the company?)
Beneficial ownership (who ultimately owns/controls it?)
Ongoing monitoring (changes to directors/ownership, risk flags)

Important compliance note
FICA and KYC are not “tick-box” exercises. Your process should be consistent, risk-based, and auditable—especially when onboarding juristic persons.

Key South African authorities to know

Use these official resources to keep your compliance grounded in current expectations:

Financial Intelligence Centre (FIC): fic.gov.za
Information Regulator (POPIA authority): inforegulator.org.za
POPIA guidance and eServices: popia.co.za

How VerifyNow supports company verification (and who it’s for)

VerifyNow is built for South African identity verification and compliance—and that includes workflows where the “customer” is a company, not only an individual.

In practice, verifying a company means verifying both the entity and the people linked to it. VerifyNow helps you do this in a structured, repeatable way—ideal for General Business use cases like:

B2B onboarding (new clients, resellers, channel partners)
Vendor and supplier onboarding
Marketplace seller verification
Professional services client onboarding
Property-related business onboarding (where juristic persons are common)
High-value trade accounts and credit applications (as a KYC step, not a credit bureau substitute)

What you can verify with VerifyNow

Here’s how company verification typically breaks down using VerifyNow’s platform:

Verify the individual(s) acting for the business (directors, members, trustees, signatories)
Capture and store KYC evidence in a consistent format
Build an audit-ready compliance trail for internal governance and external scrutiny

A practical “company KYC” checklist (General Business)

Use this as a baseline for your company onboarding pack:

Company registration details (name, reg number, status)
Proof of business address (where relevant to your risk model)
Director/member/trustee details
Authorised signatory proof (resolution/mandate where applicable)
Beneficial owner identification (risk-based depth)
Screening and risk assessment (where required)
Recordkeeping (secure storage + access control)

Important compliance note
If you collect and store ID documents or personal information, POPIA applies. Your onboarding process must include lawful purpose, minimality, and security safeguards.

POPIA, data breaches, and recordkeeping: what’s changed recently

Company verification always involves personal information—because directors, members, and beneficial owners are natural persons. That means POPIA is not optional.

What businesses must do currently under POPIA

POPIA expectations have become more operational and enforcement-focused. Your process should cover:

Lawful processing (clear purpose + justification)
Minimality (collect only what you need)
Security safeguards (access control, encryption, retention rules)
Data subject rights (access, correction, deletion where applicable)
Operator management (if third parties process data for you)

Data breach reporting (actionable guidance)

If personal information is compromised, POPIA requires responsible parties to notify affected data subjects and the regulator as soon as reasonably possible after discovering the compromise (subject to certain conditions).

Practical steps for General Business:

Maintain a breach response plan (roles, escalation, evidence preservation)
Keep an internal incident register
Ensure you can identify what data was exposed (and whose)
Prepare notification templates for customers and the regulator

You can track POPIA guidance and reporting expectations via the Information Regulator:
inforegulator.org.za

POPIA eServices Portal and penalties

Businesses should be aware that the regulator has strengthened operational channels, including the POPIA eServices Portal, and enforcement consequences are real. POPIA provides for administrative fines that can reach ZAR 10 million (among other remedies).

For POPIA references and resources, see:
popia.co.za

Important compliance note
Compliance evidence is your shield. If you can’t prove what checks you performed, when, and why, you’ll struggle to defend your decisions after a dispute or incident.

💡 Ready to streamline your General Business compliance? Sign up for VerifyNow and start verifying IDs in seconds.

How to build a company verification workflow with VerifyNow (step-by-step)

A strong workflow is repeatable, risk-based, and easy for teams to follow. Here’s a practical model you can implement using VerifyNow’s platform.

Step 1: Classify the entity and apply risk rules

Start by identifying what you’re onboarding:

(Pty) Ltd / Ltd
Trust
NPO
Partnership / sole proprietor (where the individual is the business)

Then apply a simple risk rating:

Low risk: small suppliers, low-value accounts, limited exposure
Medium risk: ongoing service providers, access to systems/data
High risk: large transactions, cross-border exposure, complex ownership

Use the risk rating to decide how deep your checks should go.

Step 2: Verify the people behind the company

This is where many “company onboarding” processes fail—because they verify the entity but not the humans controlling it.

With VerifyNow, verify:

Directors / members / trustees
Authorised signatories
Beneficial owners (where required by your risk model)

Use consistent rules for:

Name matching
ID validation
Evidence capture and retention

Step 3: Capture evidence and keep an audit trail

For FICA-aligned recordkeeping, your goal is simple: produce a clear file on request.

Your audit file should show:

What was collected
What checks were completed
Who approved the onboarding
Any exceptions and how they were handled

Step 4: Re-check when things change

Company details and control structures can change. Build “events” that trigger re-verification:

Change in directors/members/trustees
New signatory added to the account
Unusual transaction patterns
Contract renewal or scope expansion

For FICA guidance and broader AML context, keep an eye on:
fic.gov.za

Company verification requirements: quick reference table

Use this as a practical guide for General Business onboarding. Adjust by risk level and internal policy.

Entity Type	Minimum company info to collect	People to verify (KYC)
(Pty) Ltd / Ltd	Registered name, registration number, trading name (if used)	Directors, authorised signatory, beneficial owners (risk-based)
Trust	Trust name, trust deed reference (where applicable)	Trustees, authorised representative, beneficial owners/beneficiaries (risk-based)
NPO	Registration details, office-bearer info	Office bearers, authorised signatory
Sole proprietor	Business name (if any), operating address (risk-based)	Owner (individual)

Important compliance note
There is no one-size-fits-all checklist. Your process should reflect your risk exposure, the relationship type, and the nature of transactions.

FAQs: Can I verify companies with VerifyNow?

Can VerifyNow verify a company, not just an individual?

Yes. VerifyNow supports company onboarding by enabling you to verify the individuals linked to the entity (directors, signatories, beneficial owners) and maintain a consistent KYC record.

Is company verification required under FICA for General Business?

It depends on whether you’re an accountable institution or operating in a regulated context—but FICA-aligned KYC is widely used across General Business as a best practice to reduce fraud and strengthen governance. For official guidance, refer to fic.gov.za.

How does POPIA affect company verification?

Even when your customer is a company, you will process personal information of natural persons (directors, signatories, beneficial owners). That means POPIA requirements apply—especially security safeguards and breach reporting. See inforegulator.org.za and popia.co.za.

What’s the biggest mistake businesses make when verifying companies?

Treating “company verification” as only a registration-number check. Real risk sits with the people controlling the entity—and your process must verify them and keep evidence.

How quickly can I start verifying with VerifyNow?

You can start quickly by registering, setting your onboarding rules, and running verifications as part of your customer or supplier intake.

💡 Want a cleaner onboarding process with fewer compliance gaps? Start Your Free Trial and build a company verification workflow that’s audit-ready.

Get Started with VerifyNow Today

If you want to verify companies with confidence, the winning approach is simple: verify the entity relationship by verifying the people behind it, keep a clean audit trail, and stay aligned with FICA, KYC, and POPIA expectations.

Benefits of signing up

Faster onboarding with consistent verification steps
Reduced fraud risk through structured KYC checks
Audit-ready records for internal governance and external scrutiny
POPIA-aware processing with better control over personal information handling
A practical fit for General Business onboarding across many sectors

Also explore options and packages here: Learn More About Our Services

For more on VerifyNow, visit verifynow.co.za and start building a company verification process that’s simple, defensible, and scalable.