The adopted amendments to the Law on the Central Register of Ultimate Beneficial Owners introduce new obligations for reporting entities concerning the identification of the ultimate beneficial owner of a legal entity, in accordance with regulations governing the prevention of money laundering and terrorism financing.
Each reporting entity is required, by the date of entry into force of the new law, to obtain information on the ultimate beneficial owner of a client from the Central Register of Ultimate Beneficial Owners and compare it with its own data obtained in accordance with the law. If any discrepancies or missing data in the register are identified, the entity must immediately notify the competent authority — in this case, the Securities Commission.
Notification of the competent authority, as well as the publication of a list of registered entities about which the authority has been informed, is carried out without the need for consent from the client or the individual to whom the data refers. Once the data is aligned and the reporting entity confirms its accuracy and completeness, an additional notification is submitted to the authority, which then updates the published list.
We urge all reporting entities to familiarize themselves with the new legal provisions and ensure their timely and accurate implementation.