Phase II – Compliance Onboarding
📑 Phase II: Compliance Onboarding
This lesson guides staff through the Compliance Onboarding (Phase II) process at Nkwali Compliance Consultants. It is designed for new employees and refresher training.
🌍 Retainer Officer Services
Nkwali Compliance Consultants (NCC) is registered with the Financial Sector Conduct Authority (FSCA) as a compliance provider. We may be appointed as an external compliance officer for:
- Category I and Category IV FSPs (outsourced compliance function)
- National Credit Providers (outsourced compliance function)
👩💼 Our FSCA-Approved Compliance Officers
Amandla Mkhwanazi
PR No. 7216
Current Onboarding OfficerDr Elton Zingwevu
PR No. 7580
Current Onboarding OfficerSibusiso Mthethwa
PR No. 5786
No New Client Onboarding🔄 Process of Appointment
Step 1: Client Enquiry
Onboarding starts when a client enquiry or referral is received via WhatsApp, website, email, or phone. The Onboarding Specialist must capture the lead in Salesforce and send the Onboarding Request Email (with the JotForm link) within 3 hours.
Step 2: Required Documents
- POPI Consent form (NCC template)
- Signed client agreement
- GOAML registration letter (if applicable)
- Appointment letter for NCC as external compliance practice
- Certified IDs of all directors & key individuals
- Copy of FSP license
- Proof of business/individual bank account
- CIPC documents (juristic entities)
- Resignation letter from previous compliance officer (if applicable)
- Qualifications of Key Individual (incl. RE certificates)
- Proof of payment to FSCA (R866)
- Proof of payment to NCC (R1500 onboarding fee)
Step 3: FICA Risk Assessment
Once docs are received:
- Low-risk clients proceed to onboarding.
- Medium-risk cases require management approval.
- High-risk clients are declined.
Step 4: Submission to FSCA
Once approved, NCC prepares and submits FSP Form 6 and annexures to FSCA. Timelines: FSCA SLA is 6 weeks.
💼 Compliance Packages
Silver – R1,700
Essential compliance support.
- Compliance Monitoring & Reporting
- Template Policies
- Annual Financial Statements
- FSCA Annual Report
- Telephonic & Email Support
Gold – R1,900
Proactive updates & rep management.
- Quarterly Monitoring
- Legislative Updates
- Complaints Management
- Debarment of Representatives
- Quarterly Newsletter
Platinum – R2,500
Full compliance, training & customised docs.
- Dedicated Compliance Administrator
- Regulatory Training (annual)
- Customized Policies
- Risk Management Plans (FAIS, POPIA, GCOC)
- Monthly Review Assignments
❓ Frequently Asked Questions
I have made payment; can I add reps now?
No. In terms of Section 17 of FAIS Act, the Compliance Officer must first be linked to your FSP before representatives can be added.
Can we influence the FSCA timeline?
No. FSCA SLA is 6 weeks. While it can be quicker, the process cannot be expedited by NCC.
Why do I need a Compliance Officer?
Legal requirement under FAIS Act Section 17. A compliance officer also ensures ongoing compliance, risk management, and regulator reporting.
What happens if a debit order bounces?
A dishonoured debit order incurs a R85 fee. Clients must settle outstanding balance within 7 days via alternative payment methods (link, EFT, retail barcode, Ozow, Scan to Pay).
What services do you provide as a Compliance Officer?
- Compliance monitoring of FSP activities to assess compliance with legislation.
- Assistance, guidance, and support with FAIS and FICA compliance.
- Submission of all required compliance reports to FSCA.
- Telephonic and email support for compliance queries.
- Templates, documents, and guidelines within legislative scope.
- Independent recommendations to help resolve client complaints.
- Regulatory updates on legislation.
Will you bill me for every representative that I have?
No, NCC charges a flat monthly fee. We do not bill per representative.
If I want to add a representative, what must I do?
Send the following to compliance@nkwalicompliance.co.za:
- Completed add representative form (request from NCC)
- ID copy of the representative
- Qualifications
- Curriculum Vitae
- Email address
- Physical address
If I want to remove a representative, what must I do?
Send the following to compliance@nkwalicompliance.co.za:
- Completed remove representative form (request from NCC)
- Reason for removal
How do I remove my existing compliance officer so I can appoint NCC?
You will need to provide a signed letter requesting removal of your current compliance officer before NCC can be added.
What is the notice period to terminate services with NCC?
The notice period for termination of services is outlined in the client agreement. Clients must provide written notice within that period.
🎯 Key Takeaway
Phase II Compliance Onboarding is the formal linking process with FSCA. Staff must follow the Onboarding SOP step-by-step, ensure documents and fees are verified, and maintain accurate tracking in Salesforce until completion.