As South Africa grapples with the aftermath of its grey-listing by the Financial Action Task Force (FATF), the urgency around compliance has intensified, particularly in the realm of trust management. Heightened regulatory enforcement looms, compelling trustees and financial professionals to meet stringent requirements or face substantial penalties. Many trustees, who may have previously neglected their legal obligations to administer or close trusts, are now finding themselves legally mandated to take action.
The country’s grey-listing has highlighted challenges related to illicit financial flows and regulatory oversight, prompting a critical need for improved trust governance. Trusts that are poorly managed or inactive have emerged as liabilities, exposing trustees to significant compliance risks. In this evolving landscape, the expertise of trust management services like Legal Entity Management Systems (LEMS) has become indispensable.
LEMS plays a pivotal role in helping financial professionals and trustees navigate the complexities of trust closures, aiding them in avoiding penalties, meeting compliance deadlines, and supporting South Africa’s broader efforts to restore trust in its financial systems. With its expert guidance, LEMS assists clients in fulfilling their regulatory obligations, contributing to a more transparent and compliant financial future for the country.
In the face of tightening regulations, LEMS serves as a trusted partner, providing a streamlined approach to the often cumbersome process of closing redundant or non-operational trusts. Their services help mitigate risks, reduce administrative burdens, and ensure that all legal requirements are met swiftly and securely.
Co-owned by Brian Payne, a seasoned tax consultant with a wealth of experience in complex tax matters, and Alan Hockey, a Lean Six Sigma Black Belt and data analyst, LEMS combines deep regulatory knowledge with data-driven methodologies to deliver efficient and reliable trust closure services. Their tailored solutions cater specifically to financial advisors and professionals managing multiple entities, setting them apart in a crowded market.
LEMS’s distinctive approach includes a unique twostep payment system and personalised client portals that ensure transparency and efficiency. Clients pay 50% upfront and settle the remaining balance before receiving their Trust Closure Certificate, providing a seamless and stress free experience.
As South Africa strives to meet the compliance demands imposed by the FATF and work towards being removed from the grey list, LEMS’s specialised services stand out as a critical resource, easing the pathway to regulatory adherence while bolstering confidence in the nation’s financial landscape.
For more information contact
Alan Hockey: +27 (0)71 673 9937
Brian Payne: +27 (0)83-3091982
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