The purpose of the Financial Intelligence Centre Act (FICA) is to establish and maintain an effective policy and compliance framework and operational capacity to identify and combat crime, money laundering and terror financing.

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When to use it

As soon as a new dealership has registered on the DealersOnline platform, the required documents must be submitted for FICA processing for verification and to be deemed compliant by the auction.

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Where to find it

The documents must be submitted via the auction platform:

1. From the Options tab on the Auction grid, select ‘My Account’ from the dropdown list.
2. Click on ‘ Manage my Dealership’
3. Scroll down and click on ‘Documents’ to access the dropdown list and upload portals for the FICA documentation.

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Here's what you should know

The required documents may be requested from a team manager or dealer principal.

These documents include:

1. Company registration Documents
2. Business Docs Request
3. Company proof of address (not older than 3 months)
4. BRNC
5. Director’s ID (does not need to be certified)
6. VAT Reg certificate
7. Resolution Mandate & certified user ID’s
8. Notification of change (yellow form)
9. Ultimate Beneficial Ownership Form
10. Source of Funds
11. Proof of Bank (where deposits are provided)

Understand the Resolution Letter

1. The Resolution letter is a legal document which provides. permission for an individual to act on behalf of the company. This letter must be authorised by the Dealer Principal or Proxy or any authorised staff member of the company.
2. “Authorised Representative” refers to Dealer Principals and “Authorised Persons” refers to additional users. For both parties, their certified ID document is required to accompany the Resolution Letter. Note that Appendix A must be complete to successfully verify the resolution letter for the FICA process.

Ultimate Beneficial ownership structure form explained

Here are important things to note when completing the form:

1. Ensure that the shareholding percentage is indicated on the form.
   • This includes all controlling persons who own 25% or more are UBO’s and are noted as Decision Makers of the company. 
2. Source of Funds
   
   • Provide the required information regarding the company’s source of funds used to purchase the assets on auction. It is of utter importance that this information be disclosed with every transaction to ensure that should an unfortunate incident of money laundering occur, DealersOnline will be able to pick up on unusual behaviour patterns and report it.

Importance of Proof of Banking

1. Proof of banking must be provided with certain auctions where deposit is required. The document must be stamped and include a letterhead.
2. This due diligence on bank accounts is required to ensure that no funds are being accepted from sanctioned countries or individuals.
3. This document also verifies that the bank accounts are linked to the business and/or its owner.
4. Please ensure that the proof of bank reflects the account used for payment of deposit.