Banks and Trust Companies (Amendment) Act, 2023 (Act 14 of 2023)

Summary

This is a short amending Act that updates the Banks and Trust Companies Act (2021 Revision) so that its references align with the new Beneficial Ownership Transparency Act, 2023. It does not create a freestanding regulatory regime; instead it swaps outdated cross-references in three sections of the principal Act so they point to the Beneficial Ownership Transparency Act, 2023 instead of the prior beneficial ownership legislation.

It applies to banks and trust companies licensed under the Banks and Trust Companies Act, and specifically to those licensees that are 'corporate services providers' as defined in the Beneficial Ownership Transparency Act, 2023 (i.e., holders of licences under section 6(5)(c), (e) or (f)).

• Auditor obligations: Auditors of such licensees must continue reporting/addressing matters concerning compliance with beneficial ownership legislation, now identified as the Beneficial Ownership Transparency Act, 2023.
• CIMA's additional powers: CIMA's additional enforcement powers under section 18 extend to situations where a corporate services provider licensee has contravened the Beneficial Ownership Transparency Act, 2023.
• CIMA's search powers: CIMA's search powers under section 22 extend to suspected offences against the Beneficial Ownership Transparency Act, 2023 as well as the principal Act.

The Act comes into force by a later Order made by the Cabinet, so its operative date is not fixed within the text itself.

Key obligations

• Auditors of licensees that are 'corporate services providers' (as defined in the Beneficial Ownership Transparency Act, 2023) must address compliance with that Act under section 13(1)(e) of the Banks and Trust Companies Act, replacing the prior beneficial ownership cross-reference.

Applies to

banks, trust companies, corporate services providers (licensees under section 6(5)(c), (e) or (f))

Deadlines

• by Order made by the Cabinet: The Act comes into force only upon a Cabinet Order; no fixed commencement date is stated in the text.

Related documents

• This document amends Banks and Trust Companies Act (2025 Revision)
• Banks and Trust Companies Act (2025 Revision) replaces this document
• Banks and Trust Companies (Amendment) Act, 2023 (Commencement) Order, 2024 commences this document
• Banks and Trust Companies (Amendment) Act, 2023 (Commencement) Order, 2024 is made under this document