Joint Notice 1 of 2026 - Draft Joint Standard requirements pertaining to beneficial owners

RegCanary interpretation

This is RegCanary analysis, not source text. Check material statements against the original publication.

RegCanary Insight: South Africa's Prudential Authority and FSCA have jointly issued a Draft Joint Standard on beneficial owners, launching a public consultation that will shape future conduct and prudential expectations. While the document is still in draft, compliance teams should treat this as a strategic signal to review existing client onboarding and due diligence frameworks. The proposed standard, anchored in the Financial Sector Regulation Act, is expected to harmonise how financial institutions identify, verify, and maintain records of beneficial owners. Firms should proactively map their current beneficial ownership processes against likely FATF-aligned requirements, identify gaps in data quality, and prepare for potential enhancements to customer due diligence, record-keeping, and ongoing monitoring. The consultation phase offers a valuable opportunity to influence the final standard, so regulated entities should consider submitting comments. Action now will reduce future implementation friction and reduce exposure to regulatory and financial crime risk. Expect final rules to carry significant compliance obligations with potential penalties for non-compliance.

RegCanary impact assessment

RegCanary impact score: 10/10