In the recent FSCA communication Request for Information 6 of 2022 (RFI), FSCA is embarking on an information gathering exercise to help identify and verify the owners of certain financial institutions more effectively for the purpose to identify owners of certain financial institutions more effectively. It is important to understand the request in context of the Financial Action Task Force Recommendations, where it has been recommended by FATF that the competent authorities or financial supervisors (FSCA) should take the necessary legal or regulatory measures to prevent criminals or their associates from holding, or being the beneficial owner of, a significant or controlling interest, or holding a management function in, a financial institution.
For all impacted FSP’s; the FSCA Request for Information (RFI 6 of 2022) must be completed and submitted onto the FSCA via the E Fais portal by the 30 September 2022.
The following non impacted FSP’s are EXEMPT from the Request For Information 6 of 2022 :
If you are Sole Proprietor, then you are EXEMPT from the FSCA Request for Information (RFI 6 of 2022)
If you are a FSPs that is authorised for short term insurance ONLY and/or health service benefit products ONLY, you are EXEMPT from the FSCA Request for Information (RFI 6 of 2022)
Failure to provide the specified information within the timeframe specified will constitute an offence under section 267 of the Financial Sector Regulation Act, 9 of 2017. A non-compliant entity may be liable for a fine not exceeding R1 000.00 for each day during which the offence continues
Please click on link to access the full FSCA RFI Beneficial Owner User Guide for step by step instructions :
- Click on E FAIS Portal Ling and Log in with KI credentials E Fais Portal
- Select the Beneficial Ownership radio button and click “submit”
- Capture direct ownership information by clicking the “New Ownership Record On This Level” button
- After capturing all the direct ownership information on this level, you will then be able to capture Beneficial Ownership information on the “Next Ownership Level”
- Detailed organogram depicting the total ownership and control structure of the entity must be uploaded
We have included a template organogram which allows for the depiction the total ownership and control structure of the entity which must be uploaded. Once the information is validated on the FSCA Beneficial Ownership database, the entity will receive a confirmation e-mail.
We are available and will gladly assist with the RFI process, should you need further guidance here.