#General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act

Watch: MBSE launches RE training for FAIS representatives

One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.

The Commission will conduct inspections to verify the filed beneficial ownership information on record.

Information-sharing must be done in accordance with FICA and POPIA and governed by a written agreement.

Companies have broader obligations to keep records of persons with beneficial interests in their securities.

Companies will have to file information with the CIPC about the natural persons who are the beneficial owners of the company.

The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.

New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.

Among other things, trustees are obliged to keep adequate records in relation to beneficial ownership.

Proclamation Notice sets the commencement dates for the sections that amend five Acts of Parliament.