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CIPC: Update on customer verification
- 15 March 2024
- CIPC
- South African Accounting Academy
CIPC has thanked the more than 26,831 customers that have already completed the verification of their customer profile since introduction of this requirement on 7 March 2024 and commenced with their transactions.
CIPC would like to assure customers that such a process is necessary to safeguard customer profile information, especially confirming personal information with DHA and selecting of the security question as an additional layer of protection and identification. Personal information relating to family members associated with the customer is not saved, or stored by the CIPC. It is only used for the validation of the profile.
CIPC acknowledge that intermittent unavailability of DHA is experienced but that customers can complete the verification.
With the intermittent DHA challenges, customers are requested to be patient and retry until such verification has been completed by themselves. Customers struggling with verification are advised to verify their customer profile early in the morning or late afternoon since such periods have a higher success rate of completing the verification.
All customers are urged to verify their customer profiles as soon as possible. All customers must be verified before any of their transactions is processed or their deposits can be allowed. This includes applications e-mailed for processing as well as refund requests.
For any further assistance on the customer verification process, kindly send an e-mail to [email protected].
Click here to download Notice 24 of 2024:
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.