Everything You Need to Know about Ultimate Beneficial Owners (UBOs)
Beneficial ownership is one of South Africa’s most talked-about FICA topics, and the FIC has lowered the UBO identification threshold from 25% to 5%. But correctly identifying a UBO goes beyond checking who holds shares. You need to apply the dilution method, screen against sanctions and PEP databases, and meet your CIPC Beneficial Ownership Register obligations. Non-compliance with the FIC Act carries penalties of up to R50 million, and in serious cases, R100 million and imprisonment of up to 15 years.
Attendees who tuned into the webinar for longer than 45 minutes received a certificate of attendance.
Topics discussed:
- What is a UBO and who qualifies?
- How to apply the 5% threshold in practice
- The dilution method and how to use it
- PEP, sanctions and adverse media screening for UBOs
- Your obligations under the CIPC Beneficial Ownership Register
- Consequences of non-compliance with the FIC Act
- How nCino KYC can help
Webinar Resources
Explore the links to access additional resources to deepen your understanding of FICA.
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Meet Our Expert Speakers
Adrienne Anthony
Business Development Executive,
nCino KYC Africa
Adrienne Anthony is a Business Development Executive at nCino KYC Africa, where she helps Accountable Institutions simplify FICA compliance, streamline customer onboarding and strengthen financial crime risk management through technology-enabled solutions. With a passion for building strong client partnerships and understanding business challenges, Adrienne works with organisations across multiple industries to identify opportunities for greater efficiency, reduced compliance burden and improved customer experiences.
Josh Spencer-Hicken
Financial Crime Compliance Officer
nCino KYC Africa
Josh Spencer-Hicken is part of the Compliance Team at nCino KYC with 4 years plus experience in Financial Crime Compliance. He recently completed his ACAMS qualification where he obtained the Certified Cryptoasset Anti Financial Crime Specialist, accreditation. He also obtained his LLB Law degree before starting out in a compliance role within the banking sector. His experience includes understanding Know Your Customer (KYC) processes, onboarding of complex and intricate structures as well as performing Enhanced Customer Due Diligence on high-risk clients.
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