Trusts to Submit Beneficial Ownership Information - What You Need to Know

In an effort for South Africa's push to exit the FATF greylist, our government has intensified enforcement efforts. Trusts were given a strict deadline of 15 November 2024 to submit their beneficial ownership information or face severe penalties. This article offers essential guidance on identifying and maintaining accurate beneficial ownership records, equipping accountants to help their clients navigate the process and fulfill their legal obligations, thereby avoiding potential sanctions.