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UBO disclosure requirements within the EU

UBO disclosure requirements within the EU

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UBO disclosure requirements within the EU

1 December 2017 was the date when the amendments to the Anti-Money Laundering and Counter-Terrorism Financing Law entered into force.

According to the amendments, legal persons registered in the public registers of the Enterprise Register (joint stock companies, limited liability companies, partnerships, etc.) by 1 March 2018 are required to inform the Enterprise Register about their beneficial owners. From 1 December 2017 onwards, when a new legal person is registered or changes are made in the shareholding or board structure, information on the beneficial owners should be submitted together with the application for changes, otherwise the changes will not be made in the Enterprise Register. Where the information submitted regarding the beneficial owner changes, the updated information should be submitted immediately, but no later than within 14 days of the change.

Read more about the requirements on informing the Enterprise Register about beneficial owners here.

For more information and assistance in this matter, please contact KPMG Law firm in Latvia representatives.

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