If you sell any high-value goods – defined as any goods valued at R100 000 or more, you are considered an accountable institution that needs to be compliant with all the obligations set out in the Financial Intelligence Centre Act (FICA).

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

As a High-Value Goods Dealer (HVGD), FICA requires you to fulfill several obligations beyond document collection. These obligations include registering with the FIC, putting together a risk management and compliance programme and ensuring that your staff knows your policies and processes relating to FICA.

Non-compliance with the FIC Act could lead to a public reprimand, remediation directive or financial penalty of up to R10-million for individuals or R50-million for entities. For more serious offenses, the maximum penalty increases to imprisonment for a period of 15 years or a fine up to R100-million.

FICA compliance experts DocFox has designed a webinar specifically for HVGDs seeking a clear overview of what it means to be fully FICA compliant. The session will explain how to effectively implement your FICA processes to ensure compliance with the FIC Act requirements.

Topics to be discussed:

• Who are the recently added accountable institutions that need to comply with FICA?
• An overview of what all the FICA requirements are
• Consequences of FICA non-compliance
• What to expect from an FIC inspection
• Directives and FICA updates that accountable institutions need to follow
• How DocFox can assist you in becoming and remaining FICA compliant

28 August  |  Online: Zoom  | 10:00 - 11:00 SAST  |  The webinar is at no cost

Click here to register for the webinar

About DocFox:

DocFox is an end-to-end software and services solution that enables accountable institutions to be fully FICA compliant. 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.

www.docfox.co.za

sales@docfox.co.za