Articles on: CIPC

CIPC Notice 10 of 2024: Beneficial ownership register

Published: 22 February 2024

The CIPC has announced important updates following the FATF's recommendations on beneficial ownership transparency in South Africa. These changes, stemming from the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 22 of 2022, have led to amendments in the Companies Act, 71 of 2008.

On April 1, 2023, the CIPC launched the Beneficial Ownership Register, requiring all registered corporate entities to file their beneficial ownership declarations. To ensure accuracy and compliance, the CIPC has introduced a reviewer system that examines and reviews these filings. Entities will be notified by email if re-filing is necessary due to errors or incomplete information.

Accurate and verified beneficial ownership information is crucial, and providing false information is a serious offense under the amended Companies Act. The CIPC is committed to assisting entities in correcting bona fide mistakes and ensuring compliance, contributing to South Africa's efforts to be removed from the FATF grey list.

CIPC Notice 10

Updated on: 19/06/2024

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