The Beneficial Ownership Declaration is a mandatory document required under South African law, particularly the Financial Intelligence Centre Act (FICA) and the Companies Act. It serves as a formal declaration of the natural persons who ultimately own or control a legal entity. This document is typically required during company registration, opening of bank accounts, certain financial transactions, and regular compliance updates. It must detail all individuals holding 25% or more beneficial interest, whether through direct ownership, voting rights, or other means of control. The declaration helps combat financial crime, promotes transparency, and ensures compliance with South African anti-money laundering regulations. It requires regular review and updating, particularly when ownership structures change or during significant corporate transactions.
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1. Declaration Details: Date, reference number, and details of the declaring entity
2. Declarant Information: Full details of the person making the declaration, including their capacity and authority to make the declaration
3. Entity Information: Complete details of the entity for which beneficial ownership is being declared, including registration number and registered address
4. Beneficial Ownership Declaration: Detailed declaration of all natural persons who ultimately own or control the entity, including their personal details, nature and extent of beneficial interest
5. Control Structure: Description of how control is exercised, including voting rights, shareholding percentages, and other means of control
6. Chain of Ownership: Description of the complete ownership chain through which beneficial ownership is exercised
7. Verification Statement: Statement confirming the accuracy of the information provided and compliance with relevant legislation
8. Declaration Signature: Formal signing section including date, place, and witness requirements
1. Trust Structures: Additional section required when beneficial ownership involves trust structures, detailing trustees, beneficiaries, and trust arrangements
2. Foreign Ownership Elements: Required when beneficial ownership involves foreign entities or individuals, including additional compliance declarations
3. Political Exposure Declaration: Required when any beneficial owner qualifies as a Politically Exposed Person (PEP) or is related to one
4. Complex Control Arrangements: Required when control is exercised through multiple layers or complex arrangements such as nominee shareholders or voting agreements
5. Historical Ownership Changes: Optional section detailing significant changes in beneficial ownership over the past specified period
1. Schedule A - Individual Beneficial Owner Details: Detailed information for each beneficial owner including ID/passport numbers, tax numbers, and residential addresses
2. Schedule B - Supporting Documentation Checklist: List of required supporting documents including verified ID copies, proof of address, and company registration documents
3. Schedule C - Ownership Structure Diagram: Visual representation of the complete ownership and control structure
4. Appendix 1 - Definitions: Detailed definitions of terms used in the declaration, aligned with relevant legislation
5. Appendix 2 - Declaration of Good Standing: Confirmations regarding the good standing of the entity and beneficial owners
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Legal Services
Real Estate
Mining
Manufacturing
Retail
Technology
Healthcare
Construction
Professional Services
Energy
Telecommunications
Investment Management
Private Equity
Relevant Teams
Legal
Compliance
Corporate Governance
Risk Management
Corporate Services
Finance
Regulatory Affairs
Company Secretariat
Due Diligence
Corporate Registry
Relevant Roles
Company Secretary
Compliance Officer
Legal Counsel
Corporate Governance Officer
Risk Manager
Director of Legal Affairs
Money Laundering Reporting Officer
Chief Financial Officer
Corporate Services Manager
Legal Administrator
Regulatory Affairs Manager
Company Director
Chief Executive Officer
Due Diligence Officer
Corporate Registry Officer
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