S.L. 16.17 Art. 4Associations to obtain and keep recordofbeneficial owners. 6 [S.L. Cap. 586. 8 [S.L.

(1) Every association shall take all reasonable steps to obtain and at all times hold adequate, accurate and up-to-date information in respect of its beneficial owners, including the details of the beneficial interests held, which shall at least include the following particulars:

(a) the name, the nationality, the country of residence, the date of birth or in the case of a legal organisation the date of establishment or of registration, and an official identification document number indicating the type of document and the country of issue;

(b) the effective date when any person became or ceased to be a member, the nature and extent of the beneficial interest held by such member and changes thereto, including the effective date on which his interest in the association has increased or been reduced, if such changes take place;

(c) the role of the relevant person in relation to the association in terms of paragraphs (a) to (c) of the definition "relevant person" in regulation 2(1) and the effective date on which a person became, or ceased to be, a relevant person of the association:

Provided that for the purposes of the said paragraph (c), when reference is made to a senior managing official on the basis of his post in the stated office and not on the basis of his ownership or the control exercised over the association by other means, then this should be stated clearly and visibly in the register of beneficial owners – relevant persons.

(2) Any person who has reasonable cause to believe that he is a beneficial owner of an association shall be bound to provide the information required under sub-regulation (1) to the association without delay:

Provided that, without prejudice to the aforesaid, the 16.17 (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS)

association shall obtain the information required under sub-regulation

(1) from the beneficial owners of the association and, or from any natural person whom it has reasonable cause to believe to be a beneficial owner, who shall be bound to provide the said information to the association within a reasonable time of being requested, not being in excess of fourteen (14) days, and every beneficial owner who acquires, disposes of, increases or reduces his beneficial interest in the association or whose interest is disposed of, increased or reduced through an action of the administrators of the association or of any other person having powers to do so under the statute of the association, and every person who is appointed or ceases to be or to carry out the role of a relevant person within the association shall be bound to provide the said information to the association within fourteen

(14) days of such event taking place:

Provided further that, in cases where a member is a legal organisation or a fiduciary or other intermediary, information shall be obtained with reference to the natural person who is the ultimate beneficial owner thereof.

(3) Such information shall be verified by the association on the basis of documents, data or information obtained from a reliable source and the association shall not enter the name of any beneficial owner in the register of beneficial owners - members, or the register of beneficial owners - relevant persons, unless it has reasonably confirmed the accuracy of the information. The association shall also ensure that it obtains declarations confirming that the beneficial owner is not an intermediary, such as an agent, mandatory or trustee, for another person, and, if so, the association shall also obtain information on the natural person who is the principal or beneficiary of such intermediary.

Any information contained in the statute of an association, a power of attorney, an engagement or instruction letter delivered to the Registrar for Legal Persons and any document or notice registered with the Registrar for Legal Persons or any other relevant registrar, commissioner, board or authority in terms of any special law, at any time or any other official document shall be deemed to be sufficiently reliable for the purposes of carrying out the duties under this regulation.

(4) Every association shall enter the information referred to in sub-regulation (1) in:

(a) a register of beneficial owners - members, which shall contain such information about the members of the association; or

(b) a register of beneficial owners - relevant persons, which shall contain such information about the persons (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS) mentioned in paragraphs (a) to (c) of the definition "relevant persons" in these regulations, as the case may be, which registers shall be kept and maintained by the association, or its delegates, at the registered address of the association or at such other place as may be specified in the statute of the association.

(5) Unless an association has obtained, as may be applicable, information on the underlying beneficial ownership and unless it has carried out the verifications required by these regulations, it shall not:

(a) enter the name of a new member or any changes to the voting rights or ownership interests in the register of members of the association or the register of beneficial owners - members; or

(b) enter the name of a relevant person or any changes thereto in the register of beneficial owners - relevant persons; or

(c) notify the Registrar for Legal Persons in compliance with the Second Schedule or any other relevant registrar, commissioner, board or authority in terms of any special law when required upon an event taking place.

(6) Beneficial owners who are natural persons and whose personal data is held in the register of beneficial owners - members and, or register of beneficial owners - relevant persons under these regulations shall be informed of such fact, together with information about their rights, and the procedures applicable for exercising those rights under the Data Protection Act and any regulations made thereunder, by the relevant association within thirty (30) days of the association submitting such information to the Registrar for Legal Persons as required under these regulations.

(7) Any person who is a beneficial owner of an association has a right of access to any information relating to himself in the relevant register held by such association within a reasonable period not exceeding thirty (30) days after he makes a request in writing to this effect to the association.

(8) If default is made in complying with the provisions of sub-regulations (1) or (2), as the case may be, of this regulation:

(a) the association and every administrator of the association who is in default shall be jointly and severally liable to a penalty, and, for every day during which the default continues, to a further penalty:

Provided that the association and the administrators of the association shall not be liable if they had 16.17 (REGISTER OF BENEFICIAL OWNERS – ASSOCIATIONS)

exercised all due diligence to comply with the provisions of this regulation and the default was not due to any negligent act or omission on their part; and

(b) every member or any person referred to in paragraphs (b) or (c) of the definition relevant person who is in default, without valid excuse, shall be liable to a penalty and, for every day during which the default continues, to a further penalty.

(9) Nothing in this regulation shall have any effect on the obligation of any association to establish and maintain a register of members referred to in article 51 of the Second Schedule or the equivalent referred to in other special laws which may be applicable to any particular type of association.

(10) The administrators of an association shall retain the information in respect of its beneficial owners including the details of the beneficial interests held in terms of these regulations for ten (10) years and this, from the date on which:

(a) the grounds for registering the beneficial ownership information have ceased to exist; or

(b) the association has been struck off from the Register of Legal Persons or, if the association is not registered in terms of the Second Schedule or applicable regulations, from the date on which the certified copy of the winding up resolution is delivered to the Registrar of Legal Persons in accordance with article 59 of the Second Schedule; or

(c) there is the termination of registration in case of the continuation of the association in another country in accordance with article 22A of the Second Schedule, whichever is the earlier.