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Trustee Beneficial Ownership (BO) register
- 12 April 2023
- Accounting
- South African Accounting Academy
Information captured on the Google Docs form is submitted to the Master of the High Court.
This information is required in terms of Trust Property Control Act 57 of 1988, and General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill.
Trustees are required to keep it in their records together with ID copies of all beneficial owners of the trust.
Please follow this link to download the defined Excel template for the beneficial owners’ details.
Trustees are required to keep it in their records together with ID copies of all beneficial owners of the trust.
Once the Excel template has been completed, the Details of Beneficial Owners should be saved and uploaded by clicking on the UPLOAD link provided in the Google Docs form.
It is important to note that the maximum file size is 10MB. Only 1 Excel document is allowed.
Click here to access the Master’s website to complete the Beneficial Ownership register:
https://icmsweb.justice.gov.za/mastersinformation/
Relevance to Auditors, Independent Reviewers & Accountants:
- The BO Register is required in terms of Trust Property Control Act 57 of 1988, and General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill
- The above acts are yet more pieces 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 who has trusts as clients, you need to consider whether trustees are keeping the BO Register, as required.
- If you are advising your trust clients and trustees, you need to be aware of the latest information, tools and templates that have been issued by the Master’s Office.
Relevance to Your clients:
- Trustees need to provide all their details as required in the Beneficial Ownership Register.
- Your clients need to be aware of the latest information, tools and templates that have been issued by the Master’s Office.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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https://cpd.accountingacademy.co.za.