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Beneficial Ownership: FIC Draft PCC 121
- 20 December 2023
- Money Laundering
- South African Accounting Academy
Draft PCC 121 was issued in November 2023, and is aimed at highlighting money laundering, terrorist financing and proliferation financing risks relating to beneficial owners.
The FIC has now extended the consultation period for Draft PCC 121, from 8 December 2023 to the close of business on Friday, 16 February 2024. The consultation note can be downloaded at https://www.fic.gov.za/wp-content/uploads/2023/11/2023.11-CN-Public-compliance-communication-121.pdf.
The definition of beneficial ownership and section 21B in terms of the FIC Act has been amended by the General Laws (Anti-Money Laundering and Combating Terrorist Financing) Amendment Act 22 of 2022. These amendments sought to clarify the definition of beneficial ownership and widened the application of section 21B of the FIC Act. The amendments to the definition of beneficial ownership and section 21B of the FIC Act are technical and impact accountable institutions.
Contents of Draft PCC 121:
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Establishing the Beneficial Owner of a Client
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Part A: Establishing the Beneficial Owners of Legal Persons
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Part B: Establishing the Beneficial Owners of Trusts
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Part C: Establishing the Beneficial Owners of Partnerships
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Part D: Establishing the Beneficial Owners of Non-Profit Organisations
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Part E: Adequate, Accurate and Up to date Beneficial Ownership Information
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Consultation
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Communication with the Centre
Click here to download the Draft PCC:
Relevance to Auditors, Independent Reviewers & Accountants:
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Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the FIC.
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When advising clients or performing this function on their behalf, practitioners should be aware of the finer details and specific guidance on Beneficial Ownership.
Relevance to Your Clients:
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Relevant companies and CCs should be aware of the latest publications and guidance issued by regulators, such as the FIC.