| (a) | the nature of the client’s business; and |
| (b) | the ownership and control structure of the client. |
| (2) | If a client contemplated in section 21 is a legal person, an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme— |
| (i) | determining the identity of each natural person who, independently or together with another person, has a controlling ownership interest in the legal person; |
| (ii) | if in doubt whether a natural person contemplated in subparagraph (i) is the beneficial owner of the legal person or no natural person has a controlling ownership interest in the legal person, determining the identity of each natural person who exercises control of that legal person through other means, including through his or her ownership or control of other legal persons, partnerships or trusts; or |
[Section 21B(2)(a)(ii) substituted by section 22(a) of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]
| (iii) | if a natural person is not identified as contemplated in subparagraph (ii), determining the identity of each natural person who exercises control over the management of the legal person, including in his or her capacity as executive officer, non-executive director, independent non-executive director, director or manager; and |
| (b) | take reasonable steps to verify the identity of the beneficial owner of the client, so that the accountable institution is satisfied that it knows who the beneficial owner is. |
| (3) | If a person, in entering into a single transaction or establishing a business relationship as contemplated in section 21, is acting on behalf of a partnership, an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme— |
| (a) | establish the identifying name of the partnership, if applicable; |
| (b) | establish the identity of— |
| (i) | every partner, including every member of a partnership en commandite, an anonymous partnership or any similar partnership; |
| (ii) | if a partner in the partnership is a legal person or a natural person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; |
| (iii) | the natural person who exercises executive control over the partnership; and |
| (iv) | each natural person who purports to be authorised to enter into a single transaction or establish a business relationship with the accountable institution on behalf of the partnership; and |
| (c) | take reasonable steps to verify— |
| (i) | the particulars obtained in paragraph (a); and |
| (ii) | the identities of the natural persons referred to in paragraph (b) so that the accountable institution is satisfied that it knows the identities of the natural persons concerned. |
[Section 21B(3) substituted by section 22(b) of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]
| (4) | If a person, in entering into a single transaction or establishing a business relationship as contemplated in section 21, is acting in pursuance of the provisions of a trust agreement, an accountable institution must, in addition to the steps required under sections 21 and 21A and in accordance with its Risk Management and Compliance Programme— |
| (a) | establish the identifying name and number of the trust, if applicable; |
| (b) | establish the address of the Master of the High Court where the trust is registered, if applicable; |
| (c) | in respect of the founders of the trust, establish the identity of— |
| (ii) | if a founder of the trust is a legal person or a person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; |
| (d) | in respect of the trustees of the trust, establish the identity of— |
| (iA) | if a trustee is a legal person or a person acting on behalf of a partnership, the beneficial owner of that legal person or partnership; and |
| (ii) | each natural person who purports to be authorised to enter into a single transaction or establish a business relationship with the accountable institution on behalf of the trust, whether such a person is appointed as a trustee of the trust or not; |
| (e) | in respect of the beneficiaries of the trust, establish— |
| (i) | the identity of each beneficiary referred to by name in the trust instrument or other founding instrument in terms of which the trust is created; |
| (iA) | if a beneficiary referred to by name in the trust instrument is a legal person or a person acting on behalf of a partnership or in pursuance of the provisions of a trust agreement, the beneficial owner of that legal person, partnership or trust; and |
| (ii) | if beneficiaries are not referred to by name in the trust instrument or other founding instrument in terms of which the trust is created, the particulars of how the beneficiaries of the trust are determined; |
| (f) | take reasonable steps to verify the particulars obtained in paragraphs (a), (b) and (e)(ii); and |
| (g) | take reasonable steps to verify the identities of the natural persons referred to in paragraphs (c), (d), (e)(i) and (iA) so that the accountable institution is satisfied that it knows the identities of the natural persons concerned. |
[Section 21B(4) substituted by section 22(b) of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]
| (5) | This section applies in respect of a legal person, partnership or trust or a similar arrangement between natural persons, whether it is incorporated or originated in the Republic or elsewhere. |
[Section 21B inserted by section 10 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]
