TO amend the Financial Intelligence Act, 2012 so as to substitute and insert new definitions; to delete certain provisions requiring companies, close corporations and trusts to submit certain information to the Registrar of Companies and Close Corporations and the Master of the High Court, respectively, in order to avoid duplication with legislation governing companies, close corporations and trusts; to provide for the operational independence and autonomy of the Financial Intelligence Centre; to provide for the establishment of the Board of the Centre and for its powers and functions; to include certain persons as members of the Anti-Money Laundering and Combating of the Financing of Terrorism and Proliferation Council; to amend the functions of the Council; to require accountable institutions to identify and verify beneficiaries and beneficial owners of life insurance policies and other investment related policies and whether the beneficiaries or beneficial owners are prominent influential persons; to require accountable institutions to have in place appropriate risk management and monitoring systems and other measures to determine whether clients or beneficial owners are prominent influential persons; to require supervisory bodies to impose consolidated group supervision on businesses conducted by a group of institutions of which accountable or reporting institutions form part of; to identify non-profit organisations that are subject to the applicable provisions of this Act and to monitor the identified non-profit organisations to comply with measures to combat the financing of terrorism; to require accountable institutions with foreign branches and majority owned subsidiaries to implement a group-wide anti-money laundering and financing of terrorism or proliferation measures on the branches and subsidiaries; to provide for the nature and manner in which confidential information may be shared between accountable and reporting institutions to further the objects of this Act; to insert Schedule 5 in the Act providing for categories of natural persons who are regarded as beneficial owners and Schedule 6 providing for persons who are regarded as prominent influential persons; and to provide for incidental matters.