Motor car dealers come under FIC spotlight
Dealerships will be made subject to far more stringent reporting requirements
The Financial Intelligence Centre (FIC) intends to place much more stringent reporting obligations on car dealerships because they are regarded as prime targets for illicit financial activity.
The role of the FIC is to combat money laundering and terrorism financing and it requires that accountable and reporting institutions submit financial reports to it as well as reports on suspicious financial transactions. After analysis of these reports the FIC may refer a financial intelligence report to the relevant authorities for investigation and possible prosecution.