With the aim to enhance transparency and efficiency within the marketplace, the Ministry of Industry, Commerce and Tourism (MoICT) has issued Ministerial Order No. 83 highlighting the criteria, conditions and rules governing the disclosure of the Ultimate Beneficial Owner (UBO) of entities registered with the MoICT.
To move forward with confidence amidst uncertainty, KPMG has developed a suite of services to support organizations to ensure compliance with the evolving rules within various jurisdictions.
KPMG can assist CR holders in assessing how the rules would apply to their relevant commercial structure and support them in providing the requisite information for each applicable UBO to the MoICT.
The workshop covered the following:
- Introduction on UBO
- Background and clarification on UBO requirements
- What Beneficial Ownership means, why identifying UBOs is important
- Who is an UBO?
- Bahrain roll out of UBO and practical application
- International best practice in the European Union and Malta
- Compliance requirements and next steps
Kindly find below the video recording of the workshop for your benefit, feel free to contact us for any queries.