Do you have questions about the Financial Intelligence Centre Act (FICA) and the requirements you have to meet? FICA Compliance experts DocFox has compiled a FICA FAQ Guide to answer your most pressing questions.
The 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 FIC Act. (The FIC’s PPC 58 clarifies how this definition should be interpreted and applied.) If you're a manufacturer and/or seller of high-value goods—such as machinery, vehicles, heavy equipment, or medical equipment you might be wondering what exactly does this mean for your business?
Whether you are unsure if your business is classified as a High-Value Goods Dealers (HVGD), need to understand your FICA compliance obligations, or how to perform Customer Due Diligence, the guide is here 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 (CDD) 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
