Fanie Finans - an F&I from Ficksburg - asked SuperSpark how the changes on the Financial Intelligence Centre system will affect motor dealers.

SuperSpark replies:

Dear Fanie,

I was “beamed up” to the Financial Intelligence Centre, where I got some “inside” information on these changes, which will be implemented shortly.

The new system will be known as the goAML. It will ensure that the South African financial system stays relevant and effective in the global fight against money laundering and terrorist financing. The system will standardise and streamline all reporting requirements and ensure that South Africa is aligned with international best practices.

Motor dealers – as reporting institutions – will have the opportunity to register a test account on this new system to familiarise themselves, particularly, their relevant reporting officer, on the new system and to play around with an existing report that was filed in terms of a STR (Suspicious Transaction Report) or a CTR (Cash Transaction Report).

I will bring you more on this roll-out and implementation in future issues.

Gotta fly now...

SuperSpark