The Financial Intelligence Centre (FIC) has revised Public Compliance Communication 07 (PCC07) to explain the duties of motor vehicle dealers when reporting cash transactions of more than R24 999.99 to the FIC.
The Centre views a “person who carries on the business of dealing in motor vehicles” to be any person who is engaged in the business of buying, selling, or exchanging any new and second hand self-propelled vehicle, including a vehicle having pedals and an engine, or an electric motor as an integral part thereof or attached thereto and which is designed or adapted to be propelled by these means on land, as well as any trailer and caravan.
This includes persons dealing in both new and second hand vehicles.
This also includes motor vehicle related services provided by the motor vehicle dealer and the buying and selling of motor vehicle parts.
The requirement, outlined in Revised PCC07 takes effect on the date of issue being 03 March 2016.
We extracted the relevant information from the revised document. We strongly recommend that those affected download and study this more detailed document.