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Financial Intelligence Centre (FIC): Public Compliance Communication (PCC) 59 on Beneficial Ownership
- 14 August 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
PCC 59 is aimed at highlighting money laundering, terrorist financing and proliferation financing risks related to beneficial owners.
PCC 59 illustrates different aspects of the concept of beneficial ownership as defined in the FIC Act, and the practical application of section 21B of the FIC Act.
As part of establishing the ownership and control structure of the legal persons, trusts and partnerships in terms of section 21B(1) of the FIC Act, the accountable institution must determine all natural persons who own or have control over the entity. It is from understanding the structure that the accountable institution will be able to determine which natural persons it must identify as the beneficial owners in accordance with sections 21B(2), 21B(3) and 21B(4) of the FIC Act.
PCC59 follows the consultation process on Draft PCC121A previously issued for comment.
Website Notice https://www.fic.gov.za/2024/08/08/web-notice-guidance-on-the-interpretation-of-high-value-goods-dealers-3/
Consultation feedback note – PCC 59 on beneficial ownership https://www.fic.gov.za/wp-content/uploads/2024/08/Consultation-feedback-note-PCC-59-on-beneficial-ownership.pdf
Click here to download the 50-page PCC:
https://www.fic.gov.za/wp-content/uploads/2024/08/PCC-59-Beneficial-ownership.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the FIC – to enable their assessment of accountable institutions’ compliance with FICA.
- As a TCSP (which is an accountable institution), the firm also needs to comply with FIC, and the resulting Beneficial Ownership requirements.
- 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:
- Relevant companies and CCs (accountable institutions) should be aware of the latest publications and guidance issued by regulators, such as the FIC.