Avoid Penalties, File Beneficial Ownership Information Now

In a move to boost transparency and tackle financial crimes like money laundering and terrorism financing, the Companies and Intellectual Property Commission (CIPC) has made it mandatory for businesses to register their beneficial ownership details. Initially introduced as optional in April 2023, this requirement became compulsory from May 24, 2023, following updates to the Companies Regulations.

Compliance Requirements Simplified

All applicable entities should have started filing their beneficial ownership and securities interest registers by now, must not delay this. Do not wait for your annual return; submit immediately to meet your legal obligations.

Consequences of Delay

The CIPC is actively checking on companies to ensure they comply. Those failing to meet the requirements risk formal investigations, compliance notices, and potentially significant court-imposed fines.

How to File

To assist entities with this process, the CIPC provides detailed filing instructions accessible here. It's essential to follow these guidelines carefully to ensure accurate and timely submissions.

For more guidance and information find CIBA’s Beneficial Ownership guide under your profile, Practice Tools/Guides.

Read more in CIPC’s Customer Notice 54.