- Legal Notice 372 of 2017 – effectively the new AML-CFT Regulations. This is a subsidiary legislation to the Prevention of Money Laundering Act – Chapter 373.
- Legal Notice 373 of 2017 – effectively creating a register of beneficial owners for trusts. This is a subsidiary legislation to the Trusts and Trustees Act – Chapter 331.
- Legal Notice 374 of 2017 – effectively creating a register of beneficial owners for companies. This is a subsidiary legislation to the Companies Act – Chapter 386.
- Legal Notice 375 of 2017 – effectively creating a register of beneficial owners for Foundations. This is an amendment to the Civil Code – Chapter 16.
All Legal Notices deal with the creation of a register of beneficial owners. The definition of a beneficial owner is being pegged to the definition in terms of the new AML-CFT regulations.
No doubt, these new regulations will offer a strong challenge within the relevant industries since the initial data has to be submitted to the relevant authority within the first six months of the current year.
Through its AML software, InScope continues to offer the effective tool to all players in the market to manage the new challenges ahead.