CAPE TOWN, South Africa, March 05, 2026 (GLOBE NEWSWIRE) — South Africa is experiencing one of the most pivotal moments in its recent financial history. The country's removal from the grey list of the Financial Action Task Force (FATF) marks the culmination of a demanding commitment: to demonstrate sustained effectiveness in combating money laundering (AML) and the financing of terrorism (CFT).
| “Exiting the grey list is a historic achievement for South Africa – but regulatory expectations are now higher than ever. Financial institutions need technology that not only meets today's requirements, but anticipates what comes next.” |
Added to this regulatory landscape is the South African government's digitalisation agenda, announced by President Cyril Ramaphosa in his 2026 State of the Nation Address. The plan includes the rollout of a national digital identity system (Digital ID) and the digitisation of driver's licences and other public services through the MyMzansi platform. This infrastructure provides an ideal foundation for banks and fintechs to strengthen account-opening processes, reduce reliance on physical documents, and ensure that every digital interaction is traceable and compliant with AML/CFT standards.
In this context, Facephi's technology acts as an enabling layer: it allows financial institutions to connect their onboarding and authentication processes to the public identity infrastructure, while ensuring compliance with POPIA and the Joint Standard 2 of 2024 on data protection and cybersecurity.
Facephi brings to South Africa the credibility of over a decade operating under the world's most demanding regulatory environment: 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 that include Scotiabank. This track record translates into explainable AI, auditable controls, and full process traceability – requirements the South African market is demanding with increasing urgency.
South Africa Compliance Pocket Guide: the roadmap for the financial sector
To help financial institutions navigate the current regulatory landscape, Facephi has published the South Africa Compliance Pocket Guide – a freely accessible, practical guide offering executive-level guidance on:
- The key requirements of FICA, POPIA and Joint Standard 2/2024 for day-to-day financial operations.
- How to implement biometric verification in line with DHA and PASA 2016 standards.
- Strategies for automating the STR cycle and screening for sanctions and PEPs in a post-grey list environment.
- Cybersecurity essentials for meeting the 24-hour incident reporting obligation and mandatory penetration testing requirements.
- How to integrate digital identity technology with the MyMzansi public infrastructure to simultaneously reduce friction and risk.
| The guide is available free of charge. Click here to download |
About Facephi
Facephi is a technology company specialising in anti-fraud, protection and verification of digital identity, with AI/ML-powered solutions for regulated industries. It combines multibiometrics, behavioural signals, mule account detection and process orchestration in an end-to-end solution that reduces fraud and friction, accelerates go-live in a matter of weeks, and ensures regulatory compliance from day one.
With over a decade of technology development experience, headquartered in Spain with subsidiaries across APAC, EMEA and LATAM, Facephi serves clients in more than 30 countries worldwide – delivering innovative solutions that address the security challenges of an ever-evolving digital environment.
Press contact: [email protected]
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