Yes — and it’s already happening across South Africa. Business owners are finding their bank accounts frozen, blocked, or closed due to missing or incomplete Beneficial Ownership submissions.
What Are Banks Looking For?
Under South African FICA regulations, banks must verify:
- The identity of the business’s beneficial owners
- That the business is not concealing ownership
- That documentation submitted matches official CIPC records
Without a valid BO register, your company cannot meet these requirements, which may lead banks to:
- Flag your account as high risk
- Place holds on funds
- Block or close your account
Don’t Wait for an Emergency
Many clients come to us after their accounts have been flagged. In most cases, we can help — but the process is slower and more stressful.
Prevent the problem before it starts. Let Company Files prepare and submit your BO register starting at R625.00 excl VAT, so you can protect your banking relationship.
