ABOUT
TEAM BLEX
Financial Intelligence Centre Act
Driving Compliance Accelerating Success Trusted FIC Solutions for Motor Dealerships
ABOUT US
- At Team Blex we provide a single point solution to motor dealers for compliance to the Financial Intelligence Centre Act 38 of 2001.Â
- Our Dealer orientated solution allows motor vehicle dealers a paperless cloud-based access point to achieve and maintain compliance status in terms of the prescribed act.
- Our dealer orientated solution facilitates the entire process, affording the dealership full compliance with little to no effort at all.
- Avoid nasty penalties and complex administrative processes, join the team that takes the FIC out of difficult
Joint Team Blex today!
ABOUT FIC
The Financial Intelligence Centre (FIC) plays a vital role in combating money laundering, terrorist financing, and other financial crimes in South Africa. For motor vehicle dealerships, compliance with FIC requirements typically involves adhering to strict regulations to prevent illicit financial activities.
Here are some key points relevant to motor vehicle dealerships under the FIC Act:
Reporting Obligations:
Dealerships must report certain transactions, such as cash transactions above the prescribed threshold or any suspicious activities, to the Financial Intelligence Centre.
Record Keeping:
Records of transactions and client information must be maintained for a specified period to ensure transparency and enable audits.
Customer Identification:
Dealerships must implement Know Your Customer (KYC) protocols, ensuring the proper identification and verification of clients before conducting transactions.
Compliance Officer:
Businesses need to appoint a compliance officer who oversees the implementation and monitoring of the dealership’s anti-money laundering policies.
Training and Awareness:
Employees must be trained to identify and report suspicious activities, ensuring the dealership's compliance.
MORE INFO
Additional details about FIC can be accessed directly through their website:
FIC – Making South Africa's financial system intolerant to abuse
