SAICA Releases Ultimate Beneficial Ownership Guide

Posted 29 May 2026 Written by Acts Online
Category Regulatory Compliance

Brought to you by SA Accounting Academy: The South African Institute of Chartered Accountants (SAICA) has published an Ultimate Beneficial Ownership (UBO) Guide to assist compliance professionals, auditors, and accountants in navigating the amended regulatory landscape.

In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the Companies Act, No. 71 of 2008, and the Trust Property Control Act, No. 57 of 1988, South African entities face stringent requirements regarding the identification and reporting of ultimate beneficial owners. The guide, originally published in December 2025, serves as a consolidated reference to help practitioners comply with these overlapping statutory obligations.

Following South Africa’s grey listing in February 2023 and subsequent removal in October 2025, regulatory bodies have intensified enforcement of UBO controls to counter money laundering, terrorist financing, and proliferation financing. Under FICA, Accountable Institutions (AIs) are legally mandated to maintain accurate, up-to-date, and highly accessible records of their clients’ beneficial ownership structures, which must be readily disclosable to competent authorities such as the Financial Intelligence Centre (FIC).

To achieve compliance, Accountable Institutions must execute the following steps:

  • Identify the natural persons who ultimately own or control the client entity.
  • Take reasonable, risk-based steps to verify the identity of these beneficial owners.
  • Establish and document the exact nature of the beneficial interest, establishing “why” and “how” the individual qualifies as a beneficial owner.
  • Maintain comprehensive records of the verification process and ownership structures.

Click here to download the SAICA Ultimate Beneficial Ownership Guide.

What this means for you, your business, or your clients

  • For yourself: You must familiarise yourself with the multi-legislative UBO reporting framework to ensure your professional advisory services align with current statutory requirements and avoid personal liability risks.
  • For your business: Your firm must immediately review and update its Risk Management and Compliance Programme (RMCP) to embed the specific UBO identification and verification protocols outlined in the SAICA guide.
  • For your clients: Your clients must compile, verify, and register their beneficial ownership registers with the Companies and Intellectual Property Commission (CIPC) or the Master of the High Court to prevent administrative penalties and compliance blocks.

Originally published at https://accountingacademy.co.za/news/read/saica-ultimate-beneficial-owner-ubo-guide

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