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Business|Engineering|Financial|Equipment
Business|Engineering|Financial|Equipment
business|engineering|financial|equipment

FICA FAQ Guide for high-value goods dealers

26th September 2024

     

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The Financial Intelligence Centre (FIC) states that if you sell a single physical item for R100 000 or more, you are classified as an Accountable Institution and need to fully comply with the requirements of the Financial Intelligence Centre Act (FICA).

The FIC’s Public Compliance Communication 58 (PPC 58) clarifies how this definition should be interpreted and applied.

The FICA regulation aims to combat financial crime and ensure that large transactions are legitimate and not part of illegal activities. If you are a manufacturer and/or seller of high-value goods—whether machinery, vehicles, heavy equipment or medical equipment you might be wondering what exactly does this mean for your business?

FICA Compliance experts DocFox has compiled a FICA FAQ Guide to answer your most pressing questions. Whether you are unsure if your business is a high-value goods dealer, need to understand your FICA compliance obligations, or how to perform customer due diligence, the guide is there to assist you.

The guide addresses common concerns, such as:

  • My business has been operating for years without needing to comply with FICA. What has changed?
  • Can we outsource FICA requirements, such as customer due diligence to someone else?
  • If banks perform FICA checks, do we still have to do it?

Download a copy today to ensure your business meets all the FICA compliance requirements.

[Click here to request the guide]

Reach out below for any queries or information on how to become FICA compliant: sales@docfox.co.za

www.docfox.co.za

Edited by Creamer Media Reporter

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