Recently, high-value goods dealers were included on the list of entities that are accountable institutions and must therefore comply with FICA. But what does this mean for your business?

The Financial Intelligence Centre Act (FICA) provides specific requirements that all accountable institutions must follow to ensure they know their clients to mitigate the risk of money laundering. It also places a legal obligation on all employees to undergo training on the Act and the entity’s RMCP to be able to report money laundering transactions. Should non-compliance occur, severe consequences will follow.

Make sure your employees understand their responsibilities and the process to follow to be able to comply with the Act and identify and report suspicious acts or transactions.