Guidance on Beneficial Ownership, in Terms of Section 21b of the Financial Intelligence Centre Act

The Financial Intelligence Centre (FIC) has published public compliance communication (PCC) 59, which offers accountable institutions guidance on compliance with the beneficial ownership requirements of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001 [FIC Act]).

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. Furthermore, PCC 59 is aimed at highlighting money laundering, terrorist financing and proliferation financing risks related to beneficial owners.

Prior to issuing the PCC, the FIC held consultations where a draft of the document was issued for public comment. All comments received were considered in producing the final version of PCC 59.

PCC 59 is available on the FIC website:
https://www.fic.gov.za/compliance/compliance-guidance/public-compliance-communication/

For any queries, contact the FIC’s compliance contact centre on 012 641 6000 and select option 1, or submit a web query on:
https://www.fic.gov.za/compliance-queries/