The CIPC has expressed its commitment to enforcing the submission of the New Beneficial Ownership Declarations along with the filing of mandatory annual returns for companies and closed corporations. The Beneficial Ownership Declarations were introduced on April 1, 2023, and are compulsory as of July 1, 2024.

The aim of establishing the Beneficial Ownership Declaration is to create a register of natural persons who own or exercise control over legal entities. This will assist law enforcement with relevant information in their investigations of the ultimate owners of an entity. It also mitigates risks identified in the national risk assessment, where legal entities were identified as vehicles for money laundering and terror financing activities. This requirement is established under the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act, 22 of 2022. This Act amended the Companies Act, 2008 (the Act).

Companies and close corporations must maintain a Security Register or Beneficial Interest Register. This register, along with beneficial ownership information for anyone exceeding 5% ownership, must be submitted to the CIPC upon request.