CIPC requirements for Beneficial Ownership Register
Sentinel International is well-positioned to assist our clients with the Companies and Intellectual Property Commission’s (CIPC) Beneficial Ownership (BO) register. The BO register aims to establish a repository of natural persons who own or exercise control over legal entities, helping law enforcement with relevant information during their investigations, and mitigating the risks identified in the national risk assessment regarding money laundering and terror financing activities.
As a registrar and regulator of companies, CIPC administers over 2.1 million active entities, including public companies, private companies, non-profit companies, and external companies. Currently, the CIPC only holds records of legal owners and management of entities in the form of members and directors. However, no record of company shareholders and beneficial owners is recorded by CIPC. As such, CIPC recognizes its responsibility in safeguarding the integrity of South Africa’s regulatory environment and managing the risks associated with money laundering, proliferation, and terror financing activities.
Sentinel International will be assisting clients to comply with the BO register and provide the necessary support to collect and update beneficial ownership information. The General Laws (Anti-Money Laundering and Combating of Terrorism Financing) Amendment Act (Act No. 22 of 2022) and the Companies Act, Act 71 of 2008 as amended, support the collection of beneficial ownership information and give CIPC a mandate to request companies (and other legal persons) to file and update beneficial ownership information when applicable.
We can also help clients ensure that their securities register includes beneficial interest holders of their securities, complying with Regulation 32. Additionally, we can assist affected companies, which are regulated companies as set out in section 117(1) (i) and private companies controlled by or a subsidiary of a regulated company, with filing their securities register and complying with the prescribed requirements.
In conclusion, Sentinel International is here to assist clients in navigating the Companies and Intellectual Property Commission’s Beneficial Ownership register. Their expertise and guidance can help ensure compliance with the regulations and safeguard against the risks associated with money laundering, proliferation, and terror financing activities.
For assistance with your Company’s CIPC requirements, please email Troy Dods on email@example.com
Company Secretarial Specialist