Understanding the CIPC Beneficial Ownership Register

💼The CIPC has established the Beneficial Ownership Register to ensure accurate, up-to-date information on the ultimate owners of corporate entities.

📜Beneficial owners are individuals who directly or indirectly control a company, including through voting rights and the appointment of directors.

🔎The register aims to assist law enforcement agencies in fighting money laundering and the financing of terrorist activities.

📋Failure to submit beneficial ownership information can result in non-compliance penalties and fines.

🌍The CIPC is part of global efforts to promote beneficial ownership transparency and participates in interdepartmental committees on the topic.

Who is considered a beneficial owner?

—A beneficial owner is an individual who directly or indirectly controls a company, including through ownership of shares and the ability to appoint directors.

What is the purpose of the Beneficial Ownership Register?

—The register aims to promote transparency and assist law enforcement in combating money laundering and the financing of terrorism.

What are the consequences of not filing beneficial ownership information?

—Failure to comply with the filing requirements can result in non-compliance penalties and fines.

Does the register apply to state-owned companies?

—State-owned companies may be required to file beneficial ownership information, unless exempted by the Minister of the dtic.

What is the role of the CIPC in promoting beneficial ownership transparency?

—The CIPC is responsible for educating, monitoring compliance, and enforcing compliance with beneficial ownership requirements.

00:00Introduction to the CIPC Beneficial Ownership Register webinar.

02:26Overview of the agenda and speakers for the webinar.

08:01Explanation of the role of the CIPC as the regulator and its responsibility to ensure compliance with beneficial ownership requirements.

09:06Definition of beneficial ownership and the criteria for determining beneficial owners.

12:28Information on the CIPC's role in the interdepartmental committee on beneficial ownership transparency and its engagement with the private sector and civil society.

14:45Example of complex beneficial ownership structures and the need for a thorough understanding of these structures.

15:33Overview of the submission and filing process for beneficial ownership information through the CIPC's automated functionality.