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Notification of discrepancies in data on ultimate beneficiaries and / or ownership structure in the Unified State Register of Legal Entities, identified by the subjects of primary financial monitoring

authors: Yaroslava Ivasiuk, Oksana Kharytonova

14 September, 2023 Exclusive

Recently new legal acts regulating procedure for revealing of discrepancies between the data on ultimate beneficiaries and/or ownership structure of the legal entity have been adopted (entry into legal force on October 2023).

As stipulated by new regulation, subjects of primary financial monitoring (e.g. bank) will be obliged to notify the Ministry of Justice on any discrepancies between the data on ultimate beneficiaries and/or ownership structure of the legal entity revealed within regular due diligence of the client.

In its turn, the Ministry of Justice will be obliged to transfer this information to the State Service for Financial Monitoring and will initiate including a respective mark to the legal entity’s profile in the Unified State Register of Legal Entities, which may have a negative impact on the legal entity.

The full version of the article is available in Ukrainian by the link.

 

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