For urgent attention: All Motor Vehicle Dealers and Motor vehicle retail groups.
Financial Intelligence Centre Amendments change to schedules.
With effect from the 19th December 2022, your dealership’s status at the FIC has changed from a reporting institution to an Accountable institution (High Value Goods Dealer / motor vehicle dealer). This update is done automatically, as it is assumed you will deal in goods more than R100’000.00 If you feel this is not the case, you will need to amend your profile on the FICA goAML website.
This is a brief note to explain what this means to you as a dealership, to avoid the penalties / fines from the FIC office.
Additional Requirements faced by Motor Dealers as HVGD
- Implementing a Risk Management Compliance programme. (RMCP)
- Systems, policies, and procedures- to be included in the RMCP
- Reporting channels
- Client Analytics
- Risk Profiling of clients and “Screening tools.”
- Process for Higher risk transactions and relationships.
- Training of all frontline staff
- Reporting as per before but including
- Politically empowered and influential people
- Reporting on deals using foreign funds.
- Screening for clients on the “Sanctions List”
Dealer Financial Services (FSP 34) offers a wide range of services
To all our dealers, to assist with the construction and implementation of a RMCP, attached please find our example of a RMCP as a guide,
Please contact your Key Individual to assist you with implementing a Training programme and to get access to the online training and quiz.
- RMCP example.
- Screening tool example.
The Centre advises that accountable institutions take note of the below considerations in understanding their FIC Act obligations considering client privacy concerns. It is advisable to read the FIC Guidance Note 7 for a comprehensive view of their obligations.