Page 17 - Nexia SAB&T Trust Guide 2024

■ Section 11A(1) of the Amendment Act provides, inter alia, that a trustee
must:
(a) establish and record the beneficial ownership of the trust;
(b) keep a record of the prescribed information relating to the beneficial
owners of the trust (including full name, date of birth, nationality, an
official identity document number or passport number, citizenship,
residential address, address for notices, other means of contact, tax
number (if applicable), class or category of beneficial ownership, the
date on which the person became a beneficial owner, and the date
on which the person ceased to be a beneficial owner. Where the
beneficial owner is a minor, the same information must be provided
for the legal guardian of the minor).
(c) lodge a register of the prescribed information on the beneficial
owners of the trust with the Masters’ Office; and
(d) ensure that the prescribed information referred to in paragraphs
(a) to (c) is kept up to date [*** see page 18 for penalties and
offences relating to non-compliance of this section].

The requirement for trustees to record and disclose this information
makes the control and use of trust structures in South Africa more
regulated, certain and transparent.

■ Requiring the Master to maintain a register containing information relating to
beneficial ownership of trusts
■ the Amendment Act also provides, inter alia, that:
(a) the Master must keep a register in the prescribed form containing
the prescribed information about the beneficial ownership of trusts.

Electronic register by the Master of the High Court
The Master must keep an electronic register of beneficial owners. Trustees are
obliged to submit the beneficial ownership information (see above) to this
electronic register. The Master must provide for access to registered users and

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