The Financial Intelligence Centre Act, No. 38 of 2001 (the Act or FICA) was amended at the end of 2022 to provide for various changes to the structure of South Africa’s anti-money laundering and combating of terrorism financing legislation. Schedule 1 to FICA was amended and now includes a long list of new accountable institutions and included in the Schedule is businesses providing company and trust services.
FHBC, as an accountable institution, is now in terms of section 21 of FICA required to collect certain information pertaining to its clients and to keep records of the information collected. FHBC will be contacting our clients for purposes of collecting the relevant information and we ask your co-operation in providing the information as and when requested to do so. Your co-operation in providing the relevant information will assist in ensuring that FHBC is able to continue its services to clients without any interruption.
In addition, we will continue to contact our clients, raising awareness of the changes to and new obligations imposed in terms of the Trust Property Control Act and the Companies Act, also due to the amendments to FICA Legislation. These amendments referred to, places an obligation on the trustees of trusts and directors of companies to, amongst others, ensure that Beneficial Ownership Registers are lodged with the Master of the High Court as well as CIPC. FHBC is currently assisting clients in lodging these Beneficial Ownership Registers with both the Master’s Office and CIPC. Should you have any questions pertaining to this obligation (or other new statutory obligations), please do not hesitate to contact us or refer to the relevant articles published in previous FHBC newsletters.
For more information on FICA, Trusts and the Master’s new Beneficial Ownership Register, please click here:
For more information on Mandatory submission of Beneficial Ownership Registers to the CIPC, please click here:
The amended Act (FICA) affect a large proportion of businesses in South Africa as many businesses now qualify as accountable institutions. Amendments to items listed in Schedule 1 of the FIC Act broaden the application of the FIC Act by including additional categories of institutions and businesses under its scope. It is important for businesses to familiarise themselves with these new amendments and to ascertain whether they are required to comply with the amended legislation.
To check whether your business qualifies as an accountable institution, please click here:
Should you have any questions as to the impact the new FICA rules and legislation will have on you as a business or your trust or company, please contact our office on email@example.com.