Trust and Company Service Providers (TCSPs) face unique compliance challenges under South Africa's Financial Intelligence Centre Act (FICA). Since becoming designated Accountable Institutions in 2022, TCSPs must navigate complex due diligence requirements—from identifying trust founders and beneficiaries to screening for Politically Exposed Persons (PEPs) and managing risk assessments.
The Trust Compliance Challenge
Trusts present particular vulnerabilities in the fight against financial crime. Their complex structures can obscure beneficial ownership, making them potential vehicles for money laundering, tax evasion, and terrorist financing. That's why thorough customer due diligence on trusts and their related parties is essential.
Your Step-by-Step FICA Roadmap
Our comprehensive guide walks you through the complete trust due diligence process:
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Collect Trust Documents
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Identify & Verify any Authorised Signatories
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Perform DPEP, FPEP & PIP Screening on the Trust & the Related Parties
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Perform TFS list Screening on the Trust & the Related Parties
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Calculate Risk Levels of the Trust & Related Parties based on the Information
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Record Keeping & Evidentiary Proof for Audits & Regulatory Checks
Need expert guidance? nCino KYC offers specialised FICA advice, services, and training to help TCSPs meet all regulatory obligations. Contact us to learn more.
