As efforts to get off the ‘naughty’ list ramp up ahead of deadline.
The requirements are quite onerous – stopping just short of ‘asking for a blood sample to make sure you are who you say you are’. Image: Shutterstock
Happy Shihau, head of compliance at Investec Corporate and Institutional Banking, says the quantities and the flow of funds from donors and entities in these targeted organisations require closer scrutiny.The pain points remain the ‘know-your-customer’ and beneficial ownership register requirements. The requirements are quite onerous – from having to supply valid identification documents to FSCA fines Mika Finansiële Dienste R1.
Phia van der Spuy, founder of Trusteeze, says a recent inter-regional peer exchange recognised the lack of maturity in beneficial ownership transparency reforms for trusts compared to legal entities such as companies. “It set a deadline for filing the beneficial ownership registers with the offices of the master of the high court by 15 November 2024.Another pain point for trusts is the obligation to keep a record of their interactions with ‘accountable institutions’. Although many believe the list of accountable institutions, forming part of the Financial Intelligence Centre Act, only includes a small number of banks and similar institutions, this list has been expanded extensively.
She proposes that the master’s offices cooperate with professional bodies to identify trusts that were deregistered over the years, which are included in the 650 000 trusts registered with the master. The South African Revenue Service has also targeted trust registration. Trustees often ignore the fact that each trust must register as a taxpayer with Sars. The revenue authority intends to introduce penalties for late or non-submission of trust tax returns from April 2025.
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