From CompliNEWS
FIC fines eight accountable institutions for failure to comply with registration and/or reporting obligations under the FIC Act
The Financial Intelligence Centre (FIC) has imposed administrative sanctions against seven motor vehicle dealerships and a Kruger rand dealer for non-compliance with the requirements of the Financial Intelligence Centre Act 38 of 2001 (FIC Act).
The dealerships were sanctioned for failing to comply with registration and/or reporting obligations in terms of the FIC Act. Information on the dealerships and the administrative sanctions issued appears below.
1. Arnold Chatz Cars Constantia Kloof (Pty) Ltd t/a Arnold Chatz Cars Constantia Kloof
A reprimand for failing to register timeously. A financial penalty of R896 459,76 for failing to report and/or timeously
report 38 transactions exceeding the threshold of R24 999,99. A caution not to repeat the non-compliant conduct.
2. Rifle Range Car Sales (Pty) Ltd
A financial penalty of R661 481 for failing to report and/or timeously report 76 transactions exceeding the threshold of R24 999,99. A directive to remediate the outstanding unreported transactions. A caution not to repeat the non-compliant conduct.
3. Gold Reef Motors (Pty) Ltd t/a Halfway Toyota Howick
A financial penalty of R1 203 572 for failing to report and/or timeously report 60 transactions exceeding the threshold of R24 999,99. A directive to deactivate its additional reporting profile. A directive to remediate the outstanding unreported transactions. A caution not to repeat the non-compliant conduct.
4. Henque 1014 CC t/a Weirs Toyota
A reprimand for failing to register timeously. A financial penalty of R412 095 for failing to report 52 transactions exceeding the threshold of R24 999,99. A directive to remediate the outstanding unreported transactions. A caution not to repeat the non-compliant conduct.
5. KIA Motors South Africa (Pty) Ltd t/a KIA Roodepoort
A reprimand for failing to timeously register. A financial penalty of R357 383 for failing to report and/or timeously report 27 transactions exceeding the threshold of R24 999,99. A financial penalty of R17 745 for failing to timeously report one suspicious and unusual transaction. A directive to remediate the outstanding unreported transactions. A caution not to repeat the conduct that resulted in non-compliance.
6. Maher Motors (Pty) Ltd t/a Paul Maher Ford
A reprimand for failing to timeously register. A financial penalty of R934 755 for failing to report and/or timeously report 46 transactions exceeding the threshold of R24 999.99. A directive to remediate the outstanding unreported transactions. A caution not to repeat the conduct that resulted in non-compliance.
7. Blue Water Investments CC t/a Jackson Motor City
A reprimand for failing to timeously register. A reprimand for failing to comply with Directive 02/2014. A financial penalty of R503 443 for failing to report and/or timeously report 38 transactions exceeding the threshold of R24 999.99. A caution not to repeat the conduct that resulted in non-compliance.
A financial penalty of R7 520 831 for failing to report 212 transactions exceeding the threshold of R24 999.99. A caution not to repeat the conduct that resulted in non-compliance.
Administrative sanctions imposed by the FIC can include:
- A caution not to repeat the conduct that resulted in non-compliance.
- A reprimand.
- A directive to take remedial action.
- A restriction or suspension of certain business activities.
- A financial penalty of up to R10 million in the case of a natural person and R50 million in the case of a legal person.