Customer due diligence, high-value goods, source-of-funds, beneficial ownership, recordkeeping, and suspicious transaction declarations.
Last reviewed: 26 April 2026
Created because South African high-value goods rules may apply to equipment transactions of R100,000 or more and linked transactions.
When FICA checks may apply
NXT sells and rents equipment that may be high value. Where a single transaction or linked transactions meet or may meet the high-value goods threshold, where NXT establishes an ongoing business relationship, or where fraud, sanctions, source-of-funds, rental, account, or unusual transaction risks arise, NXT may perform customer due diligence before proceeding.
Information that may be requested
- For individuals: name, ID or passport, contact details, physical address, proof of address, payment source, delivery authority, and related transaction information.
- For companies and organisations: registered name, trading name, registration number, VAT number, registered and trading address, authorised representative details, director/member details, beneficial ownership information, and proof of authority.
- For rentals or high-risk transactions: venue details, event details, insurance proof, source-of-funds information, references, deposit confirmation, and collection/delivery authorisation.
Customer due diligence
- NXT may verify identity, authority, business details, address, beneficial ownership, source of funds, payment method, sanctions exposure, politically exposed status, adverse media, and transaction purpose on a risk-based basis.
- NXT may refuse to establish or continue a transaction or business relationship if required information is not provided, cannot be verified, appears false, or creates unacceptable legal, payment, fraud, or safety risk.
- NXT does not knowingly transact with anonymous customers or customers acting under false or fictitious names where compliance checks are required.
Reports and cooperation
Where legally required, NXT may report suspicious, unusual, or threshold cash transactions to the Financial Intelligence Centre or cooperate with competent authorities. NXT may be legally restricted from warning a customer that a report has been made.
Recordkeeping
Customer due diligence and transaction records may be retained for at least 5 years or longer where required for tax, accounting, warranty, dispute, rental, fraud, legal, or regulatory purposes. Records are handled in accordance with the privacy policy and POPIA.
Risk Management and Compliance Programme
Where NXT falls within the Financial Intelligence Centre Act obligations for high-value goods or another accountable-institution category, NXT should maintain a Risk Management and Compliance Programme, appoint responsible compliance personnel, train staff, screen transactions, and review controls on a risk-based basis.