Why FICA applies to businesses selling items over R100k

If your business sells any physical items, such as heavy machinery, equipment, or building materials, for R100 000 or more, the Financial Intelligence Centre (FIC) is watching more closely than ever. Under the FIC Act, you are likely defined as a High-Value Goods Dealer (HVGD), a classification that comes with customer due diligence and reporting obligations you cannot afford to overlook. Criminals have increasingly turned to high-value transactions to launder money, using purchases of vehicles, machinery and equipment to convert illicit funds into legitimate-looking assets. This shift in tactics is exactly why the sector is now under closer FIC scrutiny, and why the regulator expects HVGDs to have proper controls in place.

Raccontata daengineeringnews.co.za