Dealers in Precious Metals and Stones
As a precious metals or/and stones dealer, you operate in a high-risk asset class. Every transaction, no matter who, should trigger mandatory KYC requirements under the Financial Intelligence Centre Act (FIC Act).
Trusted by hundreds of law firms, financial institutions, high-value goods dealers and other discerning businesses
Part of High-Value Goods Dealers
Dealers in precious metals and stones is one of several HVGD sectors nCino KYC supports.
Your FICA Process doesn’t need to negatively impact your sales! If you are a Kruger Rand, Diamonds, Precious Metals & Stones Dealer, you need to be fully FICA compliant, and this isn’t a bad thing.
Whether you have a compliance team or not, nCino KYC takes the hours and complexity out of FICA compliance by giving your team the software and services to work faster, smarter, and with complete confidence.
Why This Matters to Your Business
As a precious metals or/and stones dealer, you operate in a high-risk asset class. Every transaction, no matter who, should trigger mandatory KYC requirements under the Financial Intelligence Centre Act (FIC Act).
Here's what's at stake if your business isn’t fully FICA compliant:
- Financial Penalties:
The FIC can impose administrative penalties up to 10% of annual turnover or R5 million—whichever is higher.
- Reputational Damage:
Enforcement actions are public. A compliance breach damages trust with your customers and wholesale partners.
- Business Disruption:
FIC investigations can freeze transactions, disrupt your supply chain, and halt customer onboarding—all while you scramble to catch up on documentation.
- Manual KYC processes expose you to regulatory risk:
Manual KYC processes expose you to regulatory risk:
As a precious metals or/and stones dealer, you operate in a high-risk asset class. Every transaction, no matter who, should trigger mandatory KYC requirements under the Financial Intelligence Centre Act (FIC Act).
Scattered Documentation:
Customer records, ID copies, and proof of residence live in email, WhatsApp, folders, and USB drives. No audit trail. No compliance proof.
Missed Deadlines:
Beneficial ownership updates, ongoing CDD refreshes, and SAR filings slip through the cracks because there’s no system tracking when each requirement is due.
No Risk Assessment:
You can’t easily flag high-risk customers (PEPs, sanctions-listed individuals, structuring patterns) without manual screening against multiple databases.
Slow Customer Onboarding:
Your sales team spends hours chasing documentation instead of serving customers. Deals stall. Revenue suffers.
Compliance Blind Spots:
When the FIC audits you, you scramble to prove you did your due diligence. If documentation is missing, you can’t prove it happened.
Here's fast, trustworthy FICA Compliance that looks out for your business and why others chose us:
Document free FICA that fits into your client onboarding process with no delays, no complicated paper work and no back and forth emails!
Verify clients digitally during the sales process. No photocopying IDs, no chasing documents, no bottlenecks before handover.
All information and documents get captured, verified, and stored in one place, giving you a complete audit trail that’s ready for any inspection.
Simple enough for your whole team. The system guides your team through what’s needed and flags anything that requires attention.
Expert support whenever you need it. Our compliance team is on hand to answer your questions, guide you through tricky scenarios, and make sure you stay on the right side of the law.
Why Precious metals/stones dealers use nCino KYC Africa:
- Compliance confidence:
No more anxiety about FIC audits. Full documentation and audit trails mean you can defend every decision.
- Faster customer acquisition:
KYC’ing drops from 3–5 days to 1–2 days. Sales velocity increases. Revenue flows.
- Reduced operational overhead:
Your compliance team spends less time chasing documents and more time on strategic risk decisions.
- Lower audit costs:
When auditors request records, you have them organized and ready. No scrambling. No outsourced consulting fees.
What our solution offers
One platform covering every FICA obligation for machinery and equipment dealers — from onboarding through ongoing screening and expert support.
Solution
FICA Compliant Onboarding
nCino KYC makes the collection and analysis of customer information & documents a breeze, saving you hours of valuable time, and eliminating human error.
Solution
Watchlist & Media Screening
Screens your clients daily against sanction and Anti-Money Laundering (AML) watchlists, and combs through billions of online news articles for
adverse media.
Solution
Risk Rating & Client Review
Our Automated Client Review solution is a fully-configurable, powerful tool which allows you to define, create and implement a risk rating solution.
Solution
Real Time Bank Account Verification
Verifying whether the bank account details provided by your client are correct, valid and belong to the account holder in question.
Solution
Expert FICA Advice & Services
Chat to our Compliance Services team for advice & guidance on all FICA & Anti-Money Laundering (AML) related questions.
Solution
CPD Approved FICA Training
Training on topics including money laundering, terrorist financing, suspicious behaviour, the consequence of non-compliance and so much more.
The FICA Handbook for High-Value Goods Dealers
A practical, plain-language guide to your obligations under the FIC Act, what to collect, when to verify, and how to stay inspection-ready.
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Experience the full capabilities of our platform and discover how it can benefit your business.
