CATEGORIES
- (5) Negotiating Tax Debt and Payment Arrangements with SARS
- (2)Account / Profile
- (574)Accounting
- (4)Accounting & Financial Reporting
- (2)Accounting and Finance
- (29)Audit
- (164)Auditing and Assurance
- (1)Business
- (1)Business Management
- (3)Business Rescue
- (118)CIPC
- (7)Compliance
- (19)Ethics and Professionalism
- (47)Financial Reporting
- (1)Government Funding Applications
- (4)Guides
- (1)IFRS
- (1)Independent Reviews
- (1)Individuals Tax
- (41)Law
- (49)Legal and Compliance
- (2)Management
- (62)Miscellaneous
- (29)Money Laundering
- (1)Personal & Professional Development
- (2)Practice Management
- (2)Professional Ethics
- (3)Public Sector
- (145)Regulatory Compliance and Legislation
- (41)SARS Issues
- (32)Sustainability Reporting
- (45)Tax
- (1)Tax Update
- (11)Technology
- (1)Wills, Estates & Trusts
- Show All
FIC: Draft PCC 126 on dealers in precious metals and dealers in precious stones
- 02 October 2026
- Miscellaneous
- South African Accounting Academy
Summary:
The Financial Intelligence Centre (FIC) has issued draft Public Compliance Communication 126 (PCC 126) to provide guidance on the interpretation of dealers in precious metals and dealers in precious stones as listed in item 20 of Schedule 1 to the Financial Intelligence Centre Act (FICA).
Article:
This draft PCC provides guidance on which persons are included in the category of dealers in precious metals (DPM) and dealers in precious stones (DPS) and who fall within the definition of high-value good dealers (HVGDs), who must register as accountable institutions with the Centre in terms of item 20 of Schedule 1 to FICA.
The PCC highlights certain compliance controls identified for the sector.
DPM and DPS are vulnerable to money laundering, terrorist and proliferation financing (ML, TF and PF) abuse by criminals. It is therefore important for entities, that fall within the category of DPM and DPS, to understand their obligations as HVGDs, as well as trends that are relevant to the DPMs and DPSs sector.
Draft PCC 126 further provides examples of licences issued to dealers in precious metals or dealers in precious stones, and registration and reporting obligations for dealers in precious metals. Refer to Public Compliance Communication 58 (PCC 58) for guidance on high-value good dealers
Deadline for comments is 16 October 2026.
Access the Website notice at https://www.fic.gov.za/wp-content/uploads/2026/09/2026.9-WN-Website-Notice-draft-PCC-126-publish.pdf
Click here to download the 13-page Draft PCC:
https://www.fic.gov.za/wp-content/uploads/2026/09/2026.9-PCC-DPMS.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Financial Intelligence Centre Act (FICA) is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to consider amendments, regulations and directives that are gazetted relating to FIC and accountable institutions, to ensure that your clients (or even your own practice) comply with their reporting obligations.
Relevance to Your clients:
- Relevant entities (specifically accountable institutions) have a duty to comply with the FIC Act, otherwise they could be held liable.
- Relevant entities should be aware of amendments, regulations and directives that are gazetted relating to FIC and accountable institutions, to ensure that they comply with their reporting obligations.
- All accountable institutions that are DPM or DPS need to comply and be aware of the contents of this Draft Public Compliance Communication.