The Companies and Intellectual Property Commission (CIPC) requires all companies to complete the new “Beneficial owner register” before October 2023.
This is as a result of concerns raised by the Financial Action Task Force with regard to the companies failings in terms of money laundering and financial crime.
To date, the CIPC had no record of the shareholders available to the public. This is about to change the CIPC record will indicate who the beneficial owner of the company is. If companies do not comply they will be non-compliant and will place their banking relationships at risk.
Companies and close corporations are now obliged to establish and maintain a Beneficial Owner Register this includes Profit and non-profit companies