by VDT Attorneys | Apr 10, 2025 | Accountable Institutions, AML, Anti-Money Laundering, Anti-money Laundering Amendment Act, Grey listing, Trust
The new developments include QR codes on all new Letters of Authority issued by the Master’s Office. While it may seem like a minor change, it is a big step forward in ensuring the authenticity and validity of all Letters of Authority. The QR code will allow banks,...
by Tenile Timmins | Feb 27, 2025 | Accountable Institution, AML, Anti-money Laundering Amendment Act, Beneficial Ownership, FICA, Trust
In terms of the FIC Act, Accountable Institutions are required to implement stringent anti-money laundering controls, report suspicious activities or behaviour and make sure that they are registered with the Financial Intelligence Centre (FIC) in terms of the FIC...
by VDT Attorneys | Sep 3, 2024 | AML, Anti-money Laundering Amendment Act, Beneficial Ownership, Companies Act, Company, Trust
While proper administration of a trust has always been a duty of trustees, the manner in which the duty is discharged is now under scrutiny, particularly following the arrival of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act...
by VDT Attorneys | Jun 26, 2024 | Amendment Act, AML, Trustee Duties
If a trust deed is amended, the trustees are required to lodge the amended version of the trust instrument or a certified copy with the relevant Master of the High Court that has jurisdiction (where the trust was registered initially). If a trustee is appointed after...
by VDT Attorneys | Apr 22, 2024 | AML, Beneficial Ownership, Reporting, SARS, Tax, Trust
The Amendment Act that came into effect on 1 April 2023 has introduced interesting changes relating to trusts in South Africa by amending amongst other things, the Trust Property Control Act (“Trust Act”), which now makes it a requirement for trusts to draw up a...
by VDT Attorneys | Jan 16, 2024 | AML, Annual Returns, Anti-money Laundering Amendment Act, Beneficial Ownership, Company, Trust
The Companies and Intellectual Property Commission (“CIPC”) has introduced its new system with changes for the filing of annual returns as of 11 December 2023. These new changes will join the filing of the Beneficial Ownership Declaration on the CIPC’s portal and the...
