This op-ed was featured in the July issue of Automobil Magazine. Click here to read the article in Automobil Magazine. 

Across nearly every industry in South Africa, 2024 has been a year of regulatory compliance. FICA has become a familiar term and as the July 31st FICA compliance deadline for motor vehicle dealers nears, ensuring nationwide compliance remains a priority. Although excellent strides have been made, we must prepare for the even stricter laws that will inevitably come. So how should we move forward to ensure success? 

First, as the providers of the customer due diligence solutions that enable FICA Compliance, the Regulatory Technology (RegTech) industry must take the lead in helping other industries understand their legal responsibilities. Many industries like motor vehicle dealers are still grappling with strict new FICA compliance obligations, and the future will only see these laws become stricter and more complex. As FICA compliance evolves, RegTech companies must help businesses understand their obligations by providing accessible information. Industry-specific guides, such as helping motor vehicle dealers understand their classification as High-Value Goods Dealers (HVGDs)

Second, the RegTech industry must work in partnership with other industries to understand the unique needs of the businesses they serve. FICA compliance affects dozens of industries with their own unique customer experiences and workflows. RegTech companies must develop a genuine understanding of every industry’s specific needs to develop solutions that empower businesses, not hinder them. 

Third, South Africa must approach FICA compliance as an opportunity. South Africa is still greylisted – a status that internationally stains our country’s reputation as a high risk of financial crime. This is suffocating our economy, so ensuring nationwide FICA compliance and removing our country from the greylist is vital for our future growth. The world’s developed economies are moving ahead and we cannot afford to be left behind. All industries must work together to ensure FICA compliance and build a prosperous South African economy that can take its rightful place on the world stage. 

We have an opportunity to demonstrate South African excellence. Let us seize it.  

Juan Furmie | CEO of ThisIsMe 

Solutions for the Auto Industry and Motor Vehicle Dealers 

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