Established in 2018 with the aim of providing bespoke investment solutions, Khumo Capital has become an asset management firm of choice for institutional investors. In order to improve the financial outcomes and reduce the risk of loss for their clients, Khumo Capital pride themselves on taking a responsible investment approach by enforcing risk management and governance structures as well as adhering to a culture of accountability and ethical conduct.
With their clients top of mind, Khumo Capital believes in outsourcing non-core activities, which is why they chose to partner with DocFox to automate their onboarding process and assist in ensuring they are fully compliant with the Financial Intelligence Centre Amendment Act (FICA).
We spoke to Glanville Retief, Head of Governance, at Khumo Capital to tell us a bit more about how DocFox has enabled Khumo Capital to seamlessly onboard clients while ensuring full FICA compliance, without getting distracted from their core business - managing their clients’ assets and needs.
An easy-to-use software solution that makes client onboarding convenient for you and your clients
We asked Glanville about the functionality that DocFox offered and what key features helped improve their client onboarding process. He explained that the overall ease of use and quick turnaround time is what stood out the most. To support this, he states, “When you load a client it takes a few minutes and everything has been reviewed; the quality of documents have been checked and the first round of screening has already taken place. It is a very convenient system, easy-to-use and robust. It's nice to have one central platform where everything is loaded and you know it is secure and it takes a lot of pressure off our shoulders both in terms of using the platform and ensuring we comply with regulations.”
Elaborating on the efficiency of the system, Glanville continues by explaining that on the morning of this interview, a client communicated that they have a new principal officer that needs to be onboarded and linked to their profile. “Within a matter of minutes, the team were able to call the client back informing them that everything, from uploading the right documents to running document quality checks, has been completed. Since using DocFox we have been able to really enhance our client experience.”
FICA software and expertise rolled into one
Holding a candle to their belief of outsourcing non-core activities, Khumo Capital also utilises the DocFox FICA Compliance Subscription Services which provides them with added peace of mind knowing that they have direct access to a team of compliance experts. Glanville adds to this by explaining that as an asset management firm their primary focus is on managing assets for their clients and so “it is difficult to keep up with what's happening in the FICA space. One can have all the platforms and systems in place and think you know everything there is about FICA, but one can easily miss a new set of legislation when it is released or misinterpret actionables that are set out.”
Glanville continues by explaining that although they do have Financial Advisory & Intermediary Services (FAIS) compliance officers to assist them, it is a massive value add for Khumo Capital to also have access to specialists in FICA compliance in order to “See if there are any gaps in our processes and things we need to consider, e.g. ultimate beneficial owners (UBOs) and risk screening. We can easily bounce things off the DocFox team and they can review any documents and assist us.” When asked about how the DocFox compliance team has assisted Khumo Capital so far, Glanville explains how they assisted with a Risk Management and Compliance Program (RMCP) review, “I could immediately see that the team have very good knowledge of FICA regulation. They assisted us by reviewing our RMCP, we received very comprehensive feedback which I'm busy working through. We have also received another template from our FAIS compliance officers so we are going to compare our current RMCP with the new FAIS template and then add in all the comments the DocFox compliance team provided.”
Confidently face a FIC Inspection knowing that all your bases are covered
Using a combination of the DocFox software and compliance services, we asked Glanville about his level of comfort in regards to a FIC inspection to which he responded, “I think we are in a very comfortable position at the moment and there is a nice audit trail that one can download from DocFox to illustrate where and when you’ve uploaded documents.” To ensure there is continued client due diligence, Glanville points out the automated review reminders. He explains, “When doing periodic reviews it's so easy and convenient to say to the client our onboarding system has triggered a routine review, please will you confirm that these addresses are valid etc.”
Glanville concludes his response to the question by saying that in addition to the software, the compliance subscription services has provided them with an additional level of comfort in knowing there are FICA experts assisting them and all their bases are covered.
To end off our discussion, we asked Glanville if he agrees with our statement of “Everything you need to be FICA compliant”, to which he responded “I think since compliance services have been added, that is definitely the case. We’ve got the software with the data storage and where all of the screening takes place, and then supplemented by the compliance and FICA knowledge - I would definitely agree with that statement.”
Have peace of mind knowing that with DocFox, all your FICA compliance needs are covered by requesting an obligation free demo today!
Glanville Retief, Head of Governance
