Cash Transactions over R25,000 - New FICA reporting duties for agents, brokers etc

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Originally published by LawDotNews

FICA (the Financial Intelligence Centre Act) has always obliged a long list of "accountable and reporting institutions" to report any "suspicious" transactions to the Centre.

That obligation has now been extended to every cash transaction - "suspicious" or not - over R25,000. Note that "cash" in this respect includes foreign currency and traveller's cheques, and that both payments and receipts fall into the net.

The roll-out comes in two phases: -
1. Phase 1: this kicked off on 4 October with casinos, motor vehicle dealers and attorneys
2. Phase 2: all other designated institutions and individuals become liable to report from 1 December. The list includes estate agents, long-term insurance brokers, investment advisors, Kruger Rand dealers, financial instrument traders, and a host of others.

Take advice if you aren't sure of your obligations here - heavy penalties attach to non-compliance!

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