CIPC: New customer verification process emphasised

CIPC: New customer verification process emphasised

• 20 November 2024
• CIPC
• South African Accounting Academy

Summary:

The Companies and Intellectual Property Commission (CIPC) has emphasized the importance of a previously issued notice regarding the new customer verification process for SA ID holders as well as Foreign Passport holders.

Article:

Customers must take note of the process, which is part of the securing of customer accounts, that has been implemented is as follows:

1. Clients with a South African ID number
   1. Customer will login using existing credentials on existing platforms.
   2. Upon login, customer will be presented with a verification page. Customer must:
      1. Provide all necessary information which is mandatory.
   3. Once all provided information is verified, a password reset page will be presented, and you will be required to update your password.
      1. Follow the instruction for “password minimum requirements”
      2. In instances where you need to update your contact details (follow “update contact details process”)
   4. When you input the new password and confirm new password, click on update.
   5. An email link will be sent to the email address as listed by the customer, for verification.
   6. Click the link to verify.
   7. On successful verification, clients will now be able to log in.
2. Foreign Nationals – (passport numbers)
   1. Customer will login using existing credentials on existing platforms.
   2. Upon login, customer will be presented with a verification page. Customer must:
      1. Provide all necessary information, which is mandatory and click verify.
      2. Follow the instruction for “password minimum requirements”
      3. In instances where you need to update your contact details (follow “update contact details process”)
      4. Once all provided information is verified and successful, a password reset page will be provided to update your password
   3. If there is no record of passport details on CIPC’s database, you will be provided with a link to update passport details on the Foreigner Assurance process.
   4. Once approved, you will be able to return after 48 hours and then follow Step 2 above.
   5. An email link will be sent to the email address as listed by the customer, for verification.
   6. Click the link to verify.
   7. On successful verification, clients will now be able to log in.

Click here to download Notice 18 of 2024:

https://www.cipc.co.za/wp-content/uploads/2024/03/Notice_New-verification-process_.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• The Companies Act 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 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 and that you are aware of the latest media statements issued by CIPC as the regulator.
• Company Secretarial staff play a critical role in bridging the gap between entities and CIPC. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and company secretarial practitioners to keep abreast of such changes in so that companies continue to meet their compliance obligations.

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 and to be aware of the latest media statements issued by CIPC as the regulator.

0 COMMENTS

LEAVE A COMMENT