In the example, a motor vehicle dealer is obliged to register both as an accountable institution (if the motor vehicle dealer also holds an FSP license) and as a reporting institution. If the motor vehicle dealer and the broker has exactly the same name, it is suggested that the words “broker division” be added to the name for the registration as an accountable institution (broker).
If you have conducted any advice and/or intermediary services in respect of long-term insurance products in the past or intend to conduct any future business you have to ensure that all the requirements relating to the FIC Act and Regulations are complied with and implemented before such business can be conducted. The requirement to register will then become compulsory in terms of the FIC Act.
Section 28 of the Financial Intelligence Centre Act, Act 38 of 2001 (the FIC Act) makes it obligatory for all accountable institutions and reporting institutions to report cash transactions above the prescribed limit to the Centre in the prescribed format.
The prescribed limit will be R25 000.00. Accountable and reporting institutions are obliged to report all cash transactions of R25 000.00 and above to the Centre in the prescribed format.
This means all transactions involving domestic and foreign notes and coins, and includes travellers cheques.
On the Centre website access the tab labeled “Reports and Requests” select the “Acquire Login Credentials” link and complete the online process.
Cash transactions above the prescribed limit must be reported to the Centre within two (2) business days of the transaction.