FINANCIAL INTELLIGENCE CENTRE ACT: BENEFICIAL OWNERSHIP GUIDELINES OUT FOR COMMENT

FINANCIAL INTELLIGENCE CENTRE ACT: BENEFICIAL OWNERSHIP GUIDELINES OUT FOR COMMENT

• 16 November 2023
• Financial Sector
• SA Legal Academy

Please note: On 8 December 2023, the The Financial Intelligence Centre issued a notice extending to deadline for comment to 16 February 2024.

The Financial Intelligence Centre (FIC) has issued a notice calling for input by 8 December 2023 on a draft compliance communication dealing with beneficial ownership in the context of measures to curb money laundering and terrorist financing.

The purpose of the draft communication is to guide accountable institutions on the implications of relatively recent amendments to the FIC Act, 2001. These are prescribed in the General Laws (Anti-Money Laundering & Combating Terrorist Financing) Amendment Act, 2022, some sections of which came into force in December 2022 – with others following four months later.

Among other things, these amendments affected:

• the FIC Act’s definition of ‘beneficial ownership’, and
• the wider application of FIC Act section 21B (due diligence requirements).

Please click the links below for more information:

• draft compliance communication
• notice
• General Laws (Anti-Money Laundering & Combating Terrorist Financing) Amendment Act

Published by SA Legal Academy Policy Watch

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