by VDT Attorneys | Jun 13, 2023 | Accountable Institution, FIC, FICA, Fines
The FIC Act requires that accountable institutions must comply with the FIC Act and its encompassing provisions relating to client identification and verification, client risk assessment and screening and various reporting responsibilities toward the FIC and extensive...
by VDT Attorneys | Mar 30, 2023 | Amendment Act, Beneficial Ownership, Company, Compliance, Fines, Money Laundering, Trust
The recently passed General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) contains a number of key amendments to the Trust Property Control Act 57 of 1988 (“Trust Act”). One of these amendments which we will...
by VDT Attorneys | Feb 27, 2023 | Amendment Act, Beneficial Ownership, Company, Compliance, Fines, Money Laundering, Trust
In South Africa, trusts are regulated in terms of our common law and the Trust Property Control Act 57 of 1988 (“Trust Act”). The Trust Act regulates the administrative aspects of trusts and is the primary statute that governs trust law in South Africa. But why the...
by VDT Attorneys | Feb 21, 2023 | Amendment Act, Company, Compliance, Fines, Money Laundering
We will over the next few weeks, in a series of articles, unpack each of the major changes and their respective implications, commencing with this overview article addressing the reasons for the amendments and the main areas of law affected. South Africa’s anti-money...
