From the 01 April 2023, the Companies and Intellectual Property Commission (CIPC) has developed a beneficial ownership (BO) register to be used on a voluntary basis. On 24 May 2023, the Amended Companies Regulations were issued to fully implement the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022, which made the filing of beneficial ownership files and securities/beneficial interest registers compulsory for all CIPC registered entities.
In Customer Notice 54 of 2024, the CIPC reminds those entities who have not yet complied with their mandatory beneficial ownership filing and securities register requirements to do so and to avoid waiting until the annual return anniversary date.
The Commission will continue interacting with registered entities and will continue conducting inspections to enforce the filing of the entities’ beneficial ownership information and ensure that the information on CIPC’s records matches the records maintained by the relevant businesses.
Formal investigations, compliance notices, and/or a court sanctioned administrative fines may follow as a result of non-compliance.
Click here for instructions on submitting a BO declaration.