The list of accountable institutions under Schedule 1 to the Financial Intelligence Centre Act, 38 of 2001, has been amended with effect from 19 December 2022. Practitioners falling within these definitions are obliged to register as accountable institutions under the act and comply with the duties of such institutions as set out in Chapter 3 of the act.
The wording of item 2 in the Schedule has been changed from referring to boards of executors, trust companies and any person who invests, keeps in safe custody, controls or administers trust property within the meaning of the Trust Property Control Act, Act 57 of 1988, to also include (in paragraphs (c) and (d) of item 2) the following:
- A person who carries on the business of creating a trust arrangement for a client;
- A person who carries on the business of preparing for or carrying out transactions (including as a trustee) related to the investment, safe keeping, control or administering of trust property within the meaning of the Trust Property Control Act.
The item also includes persons who render services with regard to the formation and financing of companies and close corporations, as well as persons who act as nominees or arrange for persons to act as nominees.
Click here for the text of the amendments.
Click here to register as an accountable institution.