Moonstone Compliance recently sent a reminder to all its compliance officers on what appears to be stricter monitoring and resultant fines by the Financial Intelligence Centre on Cash Threshold Reporting (CTR) requirements.
The list of case studies published on the FIC website indicates that motor dealers, in particular, have been under scrutiny to make sure they abide by the requirement that any amount received in cash needs to be reported on if it exceeds R24 999-99.
There are two very important practical considerations:
- CTR includes amounts where a series of payments from the same party is received which, if added together, amounts to more than R24 999-99.
- Remember CTRs must be filed for physical cash received as well as cash paid into the Reporting/Accountable Institutions bank account.
Please click here to view some of the actions taken against certain institutions, and particularly the reasons therefore