FIC Draft Compliance Communication: Guidance for Precious Metals & Stones Dealers

Posted 30 September 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the Financial Intelligence Centre (FIC) has published a draft compliance communication for public comment providing guidance to dealers in precious metals and precious stones regarding their qualification as ‘high-value goods dealers’.

Under Schedule 1 to FICA, high-value goods dealers (HVGDs) are categorised as accountable institutions subject to statutory anti-money laundering and counter-terrorist financing obligations. The draft communication aims to clarify interpretive ambiguities following earlier guidance issued in March 2024.

The draft compliance communication specifically addresses:

  • The threshold and criteria defining dealers in precious metals and/or precious stones as high-value goods dealers;
  • Mandatory registration requirements with the FIC under section 43B of FICA;
  • Applicable licensing frameworks governing sector participants; and
  • Ongoing compliance duties, including customer due diligence, record-keeping, Risk Management and Compliance Programmes (RMCP), and reporting obligations under sections 28, 28A, and 29 of FICA.

Stakeholders and affected institutions must submit written comments on the draft compliance communication to the FIC by 16 October 2026.

What this means for you, your business, or your clients

  • For yourself: Compliance officers and legal advisers advising precious metal and stone traders must review the draft guidance to assess exposure to accountable institution requirements.
  • For your business: Accounting, auditing, and legal practices with retail or wholesale luxury goods and precious metals clients must verify client registration status on the FIC goAML portal and evaluate RMCP documentation.
  • For your clients: Clients dealing in precious metals or stones must evaluate transaction values against HVGD definitions, submit comments by 16 October 2026, and ensure their anti-money laundering controls align with FIC registration and reporting directives.

Originally published at https://legalacademy.co.za/news/read/precious-metals-stones-dealers-input-sought-on-draft-fic-compliance-communication

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