Mitigate Risk

POPI Consent

Your Dealership can send a POPI Consent request via sms or email, using the Seriti System Communication Functionality. The consent requires the customer to agree to proceed with the processing of their information for the purpose of purchasing a Vehicle.

Form 4 Consent for Direct Marketing

The new POPI regulations have an impact on processing personal information for the purpose of direct marketing.

Regulation 6 stipulates that a responsible party who wishes to process personal information of a data subject for the purpose of direct marketing by electronic communication, must in terms of Section 69(2) of the POPI Act, submit a request for written consent to that data subject on Form 4.

This Form 4 essentially requires that the responsible party must;

• Identify themselves and their contact details,
• Identify the data subject,
• Afford the data subject the option to consent to receiving direct marketing in respect of goods or services. (The goods or services that will be marketed (in general terms or classes of goods)
• be signed in person or electronically.
• include
  • • the date and location where consent is given
    • the method of communication(e.g. email, phone, SMS).

An electronic LOE can be sent to the customer via our Customer Access section.

The Welcome Letter, Disclosures and any other relevant information, can be included through a customizable template that is built based on the dealer’s specific requirements.

The LOE can be signed electronically via any of our two signing solutions.

A Dealer specific electronic Needs Analysis can be sent to the customer via our Customer Access section for completion.

Digital KYC automates and streamlines the verification of prospective clients, enabling businesses to confidently verify customer credentials within seconds.

These digital identity solutions enable motor dealers and their customers to have a frictionless FICA experience. The solution automatically captures identity and proof of residence and validates it against trusted external sources, creating ultimate convenience to customers.

This solution delivers a risk-based approach to on-going KYC to increase operational efficiency, achieve regulatory certainty and optimise client experiences. This fresh approach to FICA is both seamless and intuitive and allows you to interact with your customer in a truly, digital way.

The system enables the F&I to record:

• a comprehensive needs analysis of the client based on their financial situation, product experience and objectives
• the identification of suitable financial and other products, based on the needs analysis
• the advice and recommendations, ensuring that the rationale behind the product selection is documented including the reasons why specific products were recommended
• client feedback per product
• vested interests
• client product acceptance

The ROA is customizable through templates according to dealer specific requirements.

An ROA consistency check can be activated at a dealer level to ensure that the products offered, accepted, declined and not applicable are consistent with the product selection made by the F&I.

The ROA can be signed electronically via any of our two signing solutions.

A workflow solution that requires a defined set of documents to be uploaded and allows for documents to be passed or failed to ensure the Deal File remains 100% correct and compliant throughout the process and prior to conclusion.

A well-defined workflow can help streamline and automate repeatable transactions tasks, minimizing room for errors and increasing overall efficiency and compliance.

It is visible on all pages throughout the Transaction and will reveal the documents and steps required to complete the Workflow. The workflow will ensure that the required documents are uploaded and tasks performed before allowing the transaction to be finalized.

As accountable institutions listed in Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001 FIC Act) Motor Dealers are required to apply a risk-based approach when establishing a business relationship and/or conducting a single transaction with a client. To comply with this requirement Seriti developed an industry specific digital Risk Assessment to assist our clients to identify, assess, monitor, mitigate and manage their risk.

Benefits

• Customer Risk Assessment scores within the transaction
• Escalation to nominated Individual.
• Audit Trial
• Risk Assessment Report on all concluded and non taken up Transactions
• Forms part of Dealer Compliance Deal File

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Record and access all FIC Reporting and Investigations. In terms of FIC reporting – you can record the Reporting Type (STR, SAR, TFAR, TFTR or CTR) with the reporting date and reference number. For investigations and/or subpoena’s, you can select the relevant investigating authority (FIC, FISCA, HAWKS, Special Investigation Unit of SA, Reserve Bank and SAPS) and record the investigation/subpoena date and reference number.

In line with legislative record keeping requirements, for both concluded and non-concluded transactions, we will retain the transaction data for a period of 5 years in terms of FIC Reporting, and indefinitely, if an investigation has been lodged against the customer/transaction.

The FIC is mandated by government to combat crime by assisting in identifying the proceeds of crime, combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

As such, the system will need to record the following:

·FIC Report Type

·FIC Reporting Reference Number

·FIC Reporting Date FIC Investigating Authority

·FIC Investigation Number

·FIC Investigation/Subpoena Date

All communication with customers and third parties conducted through Seriti is securely stored for audit and compliance purposes. This includes SMSs, emails, and documents and forms exchanged via email within the transaction.

An Email Report can be generated that reflects emails sent together the document categories included. This is useful as an exception tool when documents such as Schedules, Key Information Documents etc. are required to be emailed to every customer.

A digital deal file repository that contains all the relevant/required documents and information associated with the transaction can be stored on Seriti.

This serves as a comprehensive record of all aspects of the transaction, replacing traditional paper files and ensuring compliance with record keeping requirements.

Documents can be accessed in real time, providing efficient resolution of customer queries and for internal management.