ARTICLE · 22 MAY 2023

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Trustees Beware! New Amendments, New Obligations

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The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends.

South AfricaGovernment, Public Sector

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The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 ("FICA") have brought about new obligations that trustees operating within the sector must be aware of. The changes to FICA (defining accountable institutions), effective from December 19, 2022, aim to enhance compliance and combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. This was ahead of the grey-listing of South Africa by the Financial Action Task Force ("FATF") in February 2023.

In terms of the amendments, a person who carries on the business of preparing for or carrying out financial transactions (including as a trustee) related to investments, their safekeeping, control or administering of trust property within the meaning of the Trust Property Control Act,1988 ("Trust Act") is now an accountable institution

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