--- title: The FIC 2019/2020 Report Summary | nCino KYC description: The FIC 2019/2020 Report has been published, tallying the amount of suspicious transactions reported per industry. --- [![Docfox is now nCino KYC](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-Top-Web-Banner-HS.png)](https://blog.kycafrica.ncino.com/ncino-kyc-africa-a-vision-to-reinvent-the-future-of-fica-compliance) [![Ncino KYC Africa](https://blog.kycafrica.ncino.com/hs-fs/hubfs/raw_assets/public/ncino-theme-2025/images/ci/ncino-logo-color-invert-RGB.png?width=140&name=ncino-logo-color-invert-RGB.png "Ncino KYC Africa")](https://kycafrica.ncino.com/) - [Solutions](https://kycafrica.ncino.com/solutions/) - [Client Onboarding](https://kycafrica.ncino.com/solutions/customer-onboarding/) - [Watchlist Screening](https://kycafrica.ncino.com/solutions/watchlist-screening/) - [Risk Rating](https://kycafrica.ncino.com/solutions/risk-rating/) - [Bank Account Verification](https://kycafrica.ncino.com/solutions/account-verification/) - 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Unsurprisingly, the vast majority of reports are made by Banks, however, digging deeper reveals perhaps just a small glimpse inside the current subterranean world of illicit transactions in South Africa.   ![R0045_Update Article Illustrations The FIC 20192020 Report-03](https://blog.kycafrica.ncino.com/hs-fs/hubfs/Article%20Illustrations/R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-03.png?width=824&height=289&name=R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-03.png)   ### Motor Vehicles Motor vehicles show a high proportion of cash reports. Whilst you may buy and sell a car for cash, the minimum threshold of R24,999 means older pre-owned vehicle sales by private sellers/buyers won’t be reported. However, there is a concern around the source of funds for higher-value transactions and this may have triggered the FIC to pay closer attention to these businesses over the last year – especially as motor dealers themselves noted a high level of suspicious activity.   ![R0045_Update Article Illustrations The FIC 20192020 Report-04](https://blog.kycafrica.ncino.com/hs-fs/hubfs/Article%20Illustrations/R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-04.png?width=834&height=311&name=R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-04.png)    ### **Attorneys** [Attorneys](https://docfox.co.za/industries/law-firms/?utm_source=website&utm_medium=article&utm_campaign=law+firms_09%2F2021) show a surprisingly high number of cash transactions considering their range of professional services, yet an equally unusual low number of suspicious activity reports. Considering the higher risk activities from asset sale and purchase to criminal defense litigation again, we suspect attorneys will soon be under the FIC spotlight.  Similarly, the **gambling** industry which is traditionally considered higher risk, processed a lot of cash reports, but much fewer suspicions.     ![R0045_Update Article Illustrations The FIC 20192020 Report-05](https://blog.kycafrica.ncino.com/hs-fs/hubfs/Article%20Illustrations/R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-05.png?width=932&height=317&name=R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-05.png)   ### Estate Agents [Estate Agents](https://docfox.co.za/industries/estate-agents/) show a similar trend. Although it could indicate cash purchase of properties, you would expect to see a similarly high number of cash reports around attorneys transacting the transfer (though that may identify a weakness in attorneys reporting of cash entering their trust accounts). It may show that illicit funds are being used as rental payments for themselves, family or associates, perhaps under the assumption that paying cash to a rental agent would raise less suspicion or be immune to the duty to report.   ![R0045_Update Article Illustrations The FIC 20192020 Report-06](https://blog.kycafrica.ncino.com/hs-fs/hubfs/Article%20Illustrations/R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-06.png?width=867&height=334&name=R0045_Update%20Article%20Illustrations%20The%20FIC%2020192020%20Report-06.png)   ### Foreign Exchange Firms, Money Remitters and Postbanks Foreign Exchange Firms, Money Remitters and Postbanks reported a relatively high level of cash threshold reports, but low numbers of suspicious reports. This is sometimes the effect of our high cash-based economy where local workers are paid in cash and then put into a day to day cash-based ATM account or send money abroad to support their families. Analysing these types of reports and statistics can produce valuable insight into the changing trends of financial crime in South Africa as well as the maturity and awareness of the controls in place to combat it.   ### About the author: ### nCino KYC nCino KYC is powering a new era in FICA Compliance. Together with our unmatched expertise, smart solutions and unbeatable service. ## Related Articles - ### [Directive 11 Frequently Asked Questions](https://blog.kycafrica.ncino.com/directive-11-frequently-asked-questions) ![Directive 11 Frequently Asked Questions](https://blog.kycafrica.ncino.com/hubfs/Directive%2011%20FAQs-1.jpg) - ### [Directive 11 Now in Force: What Compliance Officers Need to Know](https://blog.kycafrica.ncino.com/directive-11-is-now-in-force-what-compliance-officers-need-to-know) ![Directive 11 Now in Force: What Compliance Officers Need to Know](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-Draft%20Directive%2011%20Explained_%20What%20Compliance%20Officers%20Need%20to%20Prepare%20For..jpg) - ### [The Key Requirements That Need to be Met in Order to be FICA Compliant](https://blog.kycafrica.ncino.com/the-7-key-requirements-that-need-to-be-met-in-order-to-be-fica-compliant) ![The Key Requirements That Need to be Met in Order to be FICA Compliant](https://blog.kycafrica.ncino.com/hubfs/The%20Key%20Requirements%20That%20Need%20to%20be%20Met%20in%20Order%20to%20be%20FICA%20Compliant.jpg) - ### [Accountable Institutions Under FICA: Complete List and Compliance Obligations](https://blog.kycafrica.ncino.com/accountable-institutions-under-fica-complete-list-and-compliance-obligations) ![Accountable Institutions Under FICA: Complete List and Compliance Obligations](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-Accountable-Institutions-Under-FICA-Complete-List-and-Compliance-Obligations-1.jpg) - ### [5 Examples of KYC According to the FIC Act](https://blog.kycafrica.ncino.com/5-examples-of-kyc-according-to-the-fic-act) ![5 Examples of KYC According to the FIC Act](https://blog.kycafrica.ncino.com/hubfs/nCino-KYC-5-Examples-of-KYC.jpg) ![nCino Full colour Logo](https://blog.kycafrica.ncino.com/hubfs/nCino%20Full%20colour%20Logo.svg) Subscribe to our newsletter [Subscribe](https://share-eu1.hsforms.com/1EGe3layITCaXlgtYEX6fSwetu2j) - - - - ### Solutions - [Client Onboarding](https://kycafrica.ncino.com/solutions/customer-onboarding/) - [Watchlist](https://kycafrica.ncino.com/solutions/watchlist-screening/) - [Risk Rating](https://kycafrica.ncino.com/solutions/risk-rating/) - [Bank Account Verification](https://kycafrica.ncino.com/solutions/account-verification/) - [Compliance Services](https://kycafrica.ncino.com/solutions/compliance-services/) - [Training and Webinars](https://kycafrica.ncino.com/solutions/training-and-webinars/) ### Industries - [nCino for Banks](https://www.ncino.com/) - [High Value Goods Dealers](https://kycafrica.ncino.com/industries/high-value-goods-dealers/) - [Law Firms](https://kycafrica.ncino.com/industries/law-firms/) - [Real Estate Industry](https://kycafrica.ncino.com/industries/real-estate-industry/) - [Stock Brokers](https://kycafrica.ncino.com/industries/stock-brokerage/) - [Forex Traders](https://kycafrica.ncino.com/industries/forex-traders/) - [Financial Service Providers](https://kycafrica.ncino.com/industries/financial-advisors/) - [Credit and Lending](https://kycafrica.ncino.com/industries/credit-and-lending/) - [Motor Vehicle Dealers](https://kycafrica.ncino.com/industries/motor-vehicle-dealers/) - [Other Accountable Institutions](https://kycafrica.ncino.com/industries/other-accountable-institutions/) ### Company - [About](https://kycafrica.ncino.com/about/) - [Press Releases](https://kycafrica.ncino.com/press/) - [Careers](https://www.ncino.com/our-company/careers) - [Contact](https://kycafrica.ncino.com/contact/) - [Partner with us](https://kycafrica.ncino.com/industries/our-partners/) - [FICA FAQ's](https://kycafrica.ncino.com/fica-faqs/) ### Legal & Compliance - [Terms and Conditions](https://kycafrica.ncino.com/terms-and-conditions/) - [Privacy Statement](https://kycafrica.ncino.com/privacy-policy/) - [PAIA Manual](https://kycafrica.ncino.com/wp-content/uploads/2025/03/nCino-SA-PAIA-Manual-March-2025-2.pdf) - Cookie Settings © 2016 – 2026 nCino. 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