The Financial Intelligence Centre (FIC) is paying close attention to the non-financial sector (Designated Non-Financial Business and Professions-DNFBP). If your business trades, buys or sells physical goods/items for R100,000 or more in a single transaction, you may be deemed as a High-Value Goods Dealer (HVGDs). This classification comes with due diligence and reporting obligations that cannot afford to be overlooked.
Criminals have increasingly turned to high-value goods as a vehicle for laundering money, using large cash purchases of vehicles, machinery, and precious metals 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 regulators expect HVGDs to have proper controls in place.
The businesses that get caught out are usually the ones that cannot tell the difference between a normal high-value sale and one with red flags attached. Structured or split cash payments, transactions with no clear business rationale, and first-time customers making large purchases with no trading history are all signs that should trigger a closer look, not a quick sign-off.
Join nCino KYC for a webinar where they will break down why your industry has become a target for money laundering, and what the FIC expects from businesses like yours.
Topics to be discussed:
- The classification of businesses dealing in goods over 100k
- How your industry is being used to launder money
- Why this industry is now on the regulators radar
- The red flags that separate compliant businesses from exposed ones
- What the FIC expects from businesses like yours
A certificate of attendance will be sent to delegates who attend the session for longer than 45 minutes.
Secure your slot: https://ncino.zoom.us/webinar/register/6217849020061/WN_q3lQ6HnGSaOw1mTwBOK_6g
