High-Value Goods Dealers
As a High-Value Goods Dealer (HVGD) you must fulfill all FICA requirements when entering into a high-value transaction with a client. nCino ensures that your Know Your Client (KYC) process is hassle free and automated.
Mining
Agriculture
Kruger Rand Dealers
Engineering
Anyone who sells a single item over R 100,000
Who is defined as a
High-Value Goods Dealer (HVGD) under the FIC Act?
A HVGD is defined as a person or business who sells a single physical item to the value of R100,000.00 or more. The FIC’s Public Compliance Communication (PCC 58) clarifies how this definition should be interpreted and applied.
How to establish if you are a HVGD?
- Does your business deal with physical items? “Deal” means to trade, sell or buy.
- Does your business have any single physical item/s in your inventory (even just one) that are sold for R100,000.00 or more?
If you answered yes to both questions, you are considered a high-value goods dealer and are required to comply fully with the FIC Act.
Key points to remember
- Regardless of the payment structure (single payment or a series of smaller payments) if the item is sold for R100,000.00 or more, it qualifies as a high-value good.
- If a business sells only one item worth over R100,000.00, that business is still classified as a HVGD.
- High-value goods may include living goods e.g. livestock, game, exotic animals and plants.
- High-value goods can be new or used (second-hand) items.
- Excluded from the definition of high-value goods are non-tangible items e.g. shares and trading stock.
Our FICA Compliance Subscription Services Include:
Register with the FIC
Appoint a Compliance Officer
Implementing a Risk-Based Approach
Develop a RMCP
Conducting Customer Due Diligence
Establishing Beneficial Ownership
TFS List Screening
DPEP, FPEP & PIP Screening
Monitor Transactions
Keep Records of Customer Transactions
Submit Regulatory Reports
Train Employees
FICA Handbook for HVGD
Download a copy of our handy guide that summarises the FIC Amendment Act specifically for High-Value Goods Dealers.
nCino KYC is very user friendly and we love working on it
Alexia Pretorius
KYC Officer
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