Dear NADA Member,
As a dealer of high-value goods – defined as any goods valued at R100,000 or more – your dealership is classified as an accountable institution under the Financial Intelligence Centre Act (FICA). This classification requires you to comply with specific obligations, including registering with the Financial Intelligence Centre (FIC) and implementing a risk management and compliance programme.
We encourage dealers to download and read Public Compliance Communication 58 issued by the FIC and apply the guidance offered. In addition, an industry participant (not affiliated to NADA) is offering a free webinar to the public to explain some of the compliance requirements of a HVGD. Although we do not endorse any supplier, dealers should always be informed of options in the market available and use this to make their own decisions about which company and offering is best for them
Webinar Details:
Date: 28 August
Time: 10:00 – 11:00 SAST
Platform: Online via Zoom
Cost: Free
Click here to register for the webinar
Key Topics Include:
- Identification of newly added accountable institutions under FICA
- Comprehensive overview of FICA requirements
- Understanding the serious consequences of non-compliance
- What to expect during an FIC inspection
- Updates and directives that accountable institutions need to follow
Non-compliance with FICA could result in severe penalties, including public reprimands, hefty fines, or even imprisonment. Attending this webinar will help you avoid these risks by ensuring that your dealership meets all FICA obligations.
Don’t miss this opportunity to safeguard your business by staying informed and compliant.
Best regards,
Gary McCraw Brandon Cohen
Director Chairperson
NADA NADA
