Discover the 9 essential FICA facts you should know.

In 2022 the Government Gazette published changes to Schedules 1, 2 and 3 of the Financial Intelligence Centre Act (FICA). The changes increased the number of institutions and businesses identified as Accountable Institutions who are subject to fulfill all FICA requirements.

One of the new categories that was added is that of High-Value Goods Dealers (HVGDs). The FIC states that if you sell a single physical item for R100,000.00 or more, you are classified as an HVGD*.

As a manufacturer and/or seller of high-value goods, you must fulfill all FICA requirements when entering into a high-value transaction with a client.

There is considerable uncertainty among individuals as to whether their business falls within the HVGD category. To provide clarity, FICA compliance experts DocFox, has compiled an infographic detailing some of the most important FICA facts you need to know.

9 Essential FICA facts you should know:

1. What is a HVGD as defined by the FIC?
2. What is required of a HVGD?
3. What are some examples of items that fall within the HVGD category?
4. What items are excluded from HVGDs?
5. Is a good still classified as a high-value good if it is not purchased “new”?
6. What if I only stock a few items worth R100 000.00 but most of my inventory is at much lower price points?
7. What happens if an item is valued at R100 000.00, but is paid for in smaller transactions?
8. What is a common misconception about HVGDs?
9. Why are HVGDs listed as Accountable Institutions?

Click here to learn more and discover the answers to these questions.

About DocFox:

DocFox is an end-to-end software and services solution that enables Accountable Institutions to be FULLY FICA compliant. It is trusted by hundreds of High-Value Goods Dealers, Law Firms, Property Practitioners, Asset Managers and other discerning businesses. Request a live demonstration to see how we can assist your business.

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

www.docfox.co.za

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