Compliant from Komatipoort wants to know if he needs to report cash paid into the dealership’s bank account.
As a motor dealer, you are currently registered as a Reporting Institute with the FIC on their goAML platform, you are therefore legally obliged to report CTR (Cash Threshold Report) and STR (Suspicious Transaction Report).
We are aware that some of our Dealer Members have been sanctioned because of their failure to report cash deposits (R24 999.00 and above) into their bank accounts.
Section 28 of the FIC Act (Duty to file cash threshold reports with the Centre) and Section 24 of the Regulations (Period for reporting) apply.
As stated, the cash threshold amount is R24 999.00. Any cash amount received by yourselves, be it on the dealership floor or directly into your bank account, needs to be reported.
Please note that this amount is applicable on receipt or payment by yourselves to another person or entity. Note that this must be done no less than two days after becoming aware of the transaction.
I hope this clarifies the cash question? Gotta fly...
Best, until next month!