Beneficial Owners
Under the Financial Intelligence Centre Act (FICA), South African accountable institutions must identify and verify the beneficial owners of their clients. Atlas provides dedicated tracking for this requirement.
What is a Beneficial Owner?
A beneficial owner is a natural person who:
- Owns or controls 5% or more of the entity (directly or indirectly)
- Exercises effective control over the entity
- Benefits from the entity's assets or income
Recording Beneficial Owners
- Open the entity → Persons tab or Securities tab
- Click + Add Beneficial Owner
- Enter:
- Person — link from the persons database
- Ownership Percentage — direct or indirect
- Control Type — voting rights, economic benefit, or both
- Verification Date — when ownership was verified
- ID Verified — whether identity has been confirmed
Requirements by Entity Type
| Entity Type | Beneficial Owner Rule |
|---|---|
| (Pty) Ltd | Shareholders with ≥5% interest |
| CC | Members with ≥5% interest |
| Trust | Trustees, founders, and beneficiaries |
| Partnership | Partners with ≥5% interest |
| Sole Prop | The owner (always 100%) |
| Individual | The individual themselves |
Compliance Tracking
Atlas tracks whether beneficial ownership records are:
- ✅ Complete — all beneficial owners identified and verified
- ⚠️ Incomplete — some owners missing or unverified
- ❌ Missing — no beneficial owners recorded
FICA Required
Failing to maintain beneficial ownership records can result in penalties. Ensure all entities have up-to-date beneficial ownership information.
Updating Beneficial Ownership
When ownership changes (e.g. share transfer):
- Update the shareholders in the Securities tab
- Review and update the beneficial owners list
- Record the new verification date