Leoni Raats of Executive Fiduciary Services warns that South Africa’s removal from the FATF greylist does not mean that anti-money-laundering and compliance obligations have ended. She stresses that FICA requirements, including client verification, ongoing due diligence and risk management programmes, remain in force.
Companies and trusts must also continue meeting beneficial ownership reporting, annual returns and other statutory filing requirements. Leoni says delisting should not be mistaken for exemption from compliance, emphasising that the relevant laws and compliance obligations remain firmly in place.