Page 52 - Profmark BSA Guide 2025

ultimately owns that company or exercises effective control of that company (i.e., a
“warm body”). Where any of the securities of a company are held by one person for
the beneficial interest of another (indirect ownership/nominee shareholder), a record
of each “ultimate” beneficial owner of the company must be filed, by means of a
“Beneficial Interest Register”. For example, where a trust or another company holds a
beneficial interest (e.g., shares) in an entity, then those natural persons who ultimately
benefit (e.g., the beneficiaries/trustees of the shareholder trust, or the individuals who
hold shares in the shareholder company) will need to be disclosed in this “Beneficial
Interest Register”. In effect, a “drill down” exercise – to get to a “warm body”. Failure to
comply with this obligation will result in a Compliance Notice being issued by CIPC, and
possible penalties.
Financial Intelligence Centre Act, 38 of 2001 (FICA)
■ Amendments to FICA include expanding the objectives and powers of the Financial
Intelligence Centre (FIC or the Centre) and technical amendments on Customer
Due Diligence (CDD) and Politically-Exposed Persons (PEPs).
In addition, Schedule 1 of the FIC Act has been amended, which significantly increased
the number of sectors listed as accountable institutions. This improves the FIC’s ability
to obtain information from a broader range of financial and nonfinancial institutions
and crypto asset service providers (CASPs). Schedule 1 now includes:
■ Co-operative banks.
■ Legal practitioners.
■ Credit providers.
■ Crypto asset service providers (CASPS).
■ The South African Mint Company.
■ Trust and company services providers (TCSP) – for example an accounting or
auditing practice that is also a “trust and company service provider” (in other words
the practice provides services such as trust and company formations, business and
tax advice to clients, and independent trustee services on a trust).
■ Payment clearing service operators.
■ High-value goods dealers (moved from schedule 3).

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