General information about high-value goods dealers and FICA (Financial Intelligence Centre Act).
Important Notice for High-Value Goods Dealers
This message is for businesses that deal in high-value goods, including:
- Precious stones (diamonds)
- Jewelry
- Precious metals (including Krugerrands)
- Coins
These businesses are considered Accountable Institutions under the Financial Intelligence Centre Act (FICA).
Past Due Risk and Compliance Returns
We urge you to urgently complete and submit any outstanding risk and compliance reports originally due on July 31, 2023, as mandated by Directive 7 of 2023.
For More Information
Please visit the Financial Intelligence Centre (FIC) website for details on FICA requirements: [Financial Intelligence Centre South Africa ON fic.gov.za]
We recommend acting promptly to ensure compliance.
High-Value Goods Dealers (HVGDs) and FICA
In South Africa, certain businesses that deal in high-value goods are considered Accountable Institutions under FICA. This means they have specific obligations to help prevent money laundering and other financial crimes. These obligations include:
- Registering with the Financial Intelligence Centre (FIC)
- Following customer due diligence (CDD) requirements, which involve verifying the identity of customers and understanding the nature of their business
- Keeping records of transactions
- Reporting suspicious activity to the FIC
If you are a high-value goods dealer:
- You can find more information about FICA requirements on the FIC website: [Financial Intelligence Centre South Africa ON fic.gov.za]
- You can also consult with a professional familiar with FICA regulations to ensure your business is compliant.