The Register of Ultimate Beneficial Owners (“UBO Register”) maintained within the Central Register of the Republic of North Macedonia is effective and operational as of 27 January 2021 and entities are obliged to comply with the UBO disclosure requirement within the next three months.
Although there are certain exemptions from the UBO disclosure obligation, most of the entities are required to disclose information about their UBO and the manner of controlling the entity, as per the requirements of the Law on prevention of anti-money laundering and financing of terrorism (the “Law”).
Тhe UBO disclosure requirement was introduced with the Law promulgated in the Official Gazette of the Republic of North Macedonia no. 120/2018, however, its implementation was postponed due to set-up of the UBO Register.
Non-compliance with the UBO disclosure requirement, among other, may result in financial sanctions for the legal entity ranging from EUR 5,000 to EUR 10,000 and 30% of the determined penalty of the legal entity shall be imposed to the responsible persons thereof.
KPMG team remains at disposal for any additional inquiries or assistance you may have in order to comply with the UBO disclosure requirement.
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