New legislation holds severe consequences for non-compliance!To address the concerns of the global community and South Africa’s greylisting, government passed the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022 ("Amendment Act") late in December 2022. This comprehensive legislation aims to align South Africa's regulatory framework with the *Financial Action Task Force and international standards. These major amendments came into effect on 1 April 2023 and hold significant implications for the trust and company law environment as well as for all Accountable Institutions. Trustees, take note: hefty fines and even jail time now await those who fail to adhere to these changes. And companies: there is now talk of criminalising non-compliance with the new AML reporting obligations for companies.While the primary intent of AML is to combat money laundering and terrorism, the impact of these amendments extends far beyond and has effectively introduced new levels of transparency and reporting in respect of trusts and companies.Of critical importance are the amendments affecting the Trust Act and the Companies Act. Trustees and companies must now navigate additional compliance requirements regularly. These changes will impact virtually every trust and company in South Africa.Fortunately, our dedicated Trust Team have our trust and company clients covered with the new reporting responsibilities and also assists *Accountable Institutions to update their FICA frameworks to meet the new Amendment Act Requirements.*Financial Action Task Force: is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent these illegal activities and the harm they cause to society. *Accountable Institutions: An Accountable Institution refers to an organisation or natural person who carries on business with listed entities, whether it is a single transaction or business relationship. Examples: Legal practitioners, Property practitioners, High value goods dealers, Motor vehicle dealers, Independent financial advisors, Auditors, Accounting firms, etc.