As a law-abiding, compliant financial institution, we prioritise fulfilling the requirements of the Financial Intelligence Centre Act (FICA). Preventing financial crimes involving clients is a critical part of our commitment to the law.
In 2024, the Financial Intelligence Centre (FIC) introduced PCC 59, a Public Compliance Communication that provides guidance on meeting the beneficial ownership requirements under FICA. These measures are essential to combat financial crime and ensure transparency.
PCC59, in short, requires accountable institutions to determine the ownership and control structure of clients to identify the natural persons who ultimately own or control that client. In addition, we are required to verify the identity of beneficial owners, and this means obtaining documentation such as share certificates, trust deeds, partnership agreements, and other relevant documents.
If a beneficial owner cannot be verified, institutions must refrain from establishing a relationship and may need to report suspicious activity.
Read the full article here: Legal Focus – PCC 59 and Beneficial Ownership.
Sanlam Corporate is here to help you navigate these requirements. For more information or guidance, please contact your dedicated Client Solutions Specialist or Client Relations Manager.