https://newsletter.en.creamermedia.com
Business|Engineering|Financial|Equipment
Business|Engineering|Financial|Equipment
business|engineering|financial|equipment

FICA FAQ Guide for high-value goods dealers

26th September 2024

     

Font size: - +

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

Comments

 

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Klüber Lubrication
Klüber Lubrication

Klüber Lubrication ensures that the world’s essential systems—drive units, machines, and water flow—operate efficiently, sustainably, and reliably...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.165 0.256s - 195pq - 2rq
Subscribe Now