FICA Implementation for High-Value Goods Dealers

Attention: This webinar is intended for all businesses who sell items worth R100 000 or more (Even if it is only one item).

Do you have clients selling any item priced at R100 000 or more?

If so, then your client is regarded as an Accountable Institution and must be registered with the Financial Intelligence Centre (FIC) and comply with all the requirements in terms of the Financial Intelligence Centre Act (FICA).

These clients are seen as “High-Value Goods Dealers” (HVGD) as listed in item 20 of Schedule 1.

An HVGD is a person who carries on the business of dealing in high-value goods in respect of any transaction where such a business receives payment in any form to the value of R100 000 or more, whether the payment is made in a single operation or in more than one operation that appears to be linked, where “high-value goods” means any item that is valued in that business at R100 000 or more.

Please join me on Wednesday 20 September 2023 from 9:00 to 13:00 where I will be informing your clients about the new requirements that are applicable to them.
If you do have any clients that fall into this specific category, please invite them to attend this session.

The following topics will be discussed during the training.

• What type of business will be affected by this new requirement?
• Reasons for being included as an Accountable Institution
• Registration with the FIC
• Implementing a Risk Management Compliance Programme (RMCP)
• On which customers must Customer Due Diligence (CDD) be performed?
• How to perform CDD procedures on these customers
• Reporting of suspicious and cash transactions
• Demonstration of the documents that we have developed that could assist in the implementation of the RMCP.