A Brief Summary
High-Value Goods Dealers (HVGDs) must comply with new Directives from the Financial Intelligence Centre (FIC). The Financial Intelligence Centre (FIC) has listed HVGDs as Accountable Institutions due to the high risk of their assets being used by criminals to launder money. Who is an HVGD? According to the Financial Intelligence Centre, HVGDs include any business dealing in goods with a selling price of over R100,000.
Typical examples of HVGDs include:
- Motor vehicle dealers
- Jewellers
- Fine art dealers
- Valuable coin dealers
- Antique dealers
- Luxury clothing and accessory dealers
HVGDs comply with several new legal requirements concerning due diligence and identity verification. We have provided a brief summary of compliance obligations. The official Public Compliance Communication (PCC) from the FIC can be found here.
Compliance Obligations for HVGDs Include:
- Registration (HVGDs must register with the FIC as an Accountable Institution.
- Customer Due Diligence (HVGDs must verify the identity of all their clients participating in transactions with a total sale price of over R100,000).
- PEP, Sanctions and Watchlist Screening (HVGDs must verify that clients are not politically exposed, under sanction, or on any regulatory enforcement lists).
We Can Help You Become Compliant
ThisIsMe offers a comprehensive suite of products and services that can meet all your Customer Due Diligence and PEP, Sanctions and Watchlist Screening needs. Our variable access options mean that our services are accessible to every business, large or small.
