Strengthening the Fight Against Financial Crime: New Beneficial Ownership Regulations in South Africa
In a significant advancement in the ongoing battle against financial crime, South Africa has recently introduced robust regulations concerning Ultimate Beneficial Ownership (UBO). The Financial Intelligence Centre (FIC) has issued new guidance, lowering the threshold for identifying controlling ownership from 25% to 5%. This pivotal change, outlined in Public Compliance Communication 59 (PCC59), marks a …