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BENEFICIAL OWNERSHIP: FIC GUIDELINES PUBLISHED
- 12 August 2024
- Financial Sector
- SA Legal Academy
The Financial Intelligence Centre has published a document providing accountable institutions with guidance on complying with Financial Intelligence Centre Act, 2001, beneficial ownership requirements. This follows proposals released in June 2024 for public comment. The input received is summarised in feedback notes published with the guidelines.
According to an accompanying communication, the guidance document’s overarching objective is to highlight ‘money laundering, terrorist financing and proliferation financing risks related to beneficial owners’. To that end, it illustrates:
- ‘different aspects of the concept of beneficial ownership as defined in the Act’, and
- spells out steps to be taken in the practical application of the Act’s section 21B of the FIC Act (identifying and verifying beneficial owners).
Please click the links below for more information:
Published by SA Legal Academy Policy Watch
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