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CIPC: List of Companies and CCs not compliant with BO filing
- 13 January 2025
- CIPC
- South African Accounting Academy
Summary:
The CIPC has published a list of Companies and Close Corporations (CCs) not compliant with compulsory Annual filing of beneficial ownership declarations and securities registers.
Article:
CIPC has noticed that there are several companies and CCs that have not yet complied with legislative requirements – filing of their Beneficial Ownership (BO) declaration and securities registers.
A list (provided per letter of the alphabet) containing non-compliant entities has been published on CIPC’s website under “Publications”, for ease of reference. To view the list of entities that are non-compliant with beneficial ownership requirements, go to https://www.cipc.co.za/?page_id=4745.
Non-compliance with the BO declaration filings is a violation of the Amended Companies Regulations to give full effect to the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022. Directors of companies and members of CCs are urged to comply within seven (7) business days from date of publication of this notice, with filing of BO declaration and Securities Registers. Failure to comply will result in the company or CC not being able to perform any transactions with CIPC and will further be issued with a compliance notice and/or a court sanctioned administrative fine and ultimately referred for deregistration.
Notices of BO non-compliance were issued electronically to the contact details of the active directors, company secretaries and members of CCs.
Therefore, directors, company secretaries and members MUST ensure compliance with legislation and that the CIPC always has their correct, valid, up to date e-mail addresses (not that of Auditor and/or Accounting Officer or service provider), registered company Address and cell phone numbers as per the Customer Notice 70 of 2018 (https://www.cipc.co.za/?p=15220).
NB: For guidance on how to file BO declaration, follow the step-by-step guides as published under the Beneficial Ownership section, at https://www.cipc.co.za/?page_id=4447.
Click here to download Notice 4 of 2025:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies Act and Regulations is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer and accountant, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
- Where you perform these compliance tasks on behalf of your client, you need to ensure that you comply with all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
- Your clients will also have to comply with the resultant General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act regarding anti-money laundering measures to be taken.
- As an auditor, independent reviewer and accountant you need to consider the impact of the Companies Act Regulations on your service offerings, as well as on your client’s beneficial ownership filing obligations – more specifically, the enforcement of Beneficial Ownership filings and securities registers).
Relevance to Your Clients:
- An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
- Your clients will also have to comply with the resultant General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act regarding anti-money laundering measures to be taken – and more specifically, the enforcement of Beneficial Ownership filings and securities registers.