Why trustees must now also record the accountable institutions they engage with
04 May 2023, Dr Candice Reynders, Elani Volschenk
With the passing of the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”)... late in December 2022, a number of critical amendments were introduced to the Trust Property Control Act 57 of 1988 (“Trust Act”), including amongst others the responsibility by trustees to record details about the Accountable Institutions they engage with in their capacity as trustee. In this article, we look a little deeper at this requirement and what it will mean in practice for trustees.