Isle of Man authorities hire firm to digitally verify company beneficiaries

The Isle of Man Central Register has announced it has hired cybersecurity firm SQR to provide “seamless verification” of the identity of beneficial owners of local businesses. This was reported by Global Government Fintech.

Beneficiaries, according to local law, are considered to be persons who control at least 25% of the shares or interests of companies registered in the Isle of Man.

A Federal Court in the US considered the Corporate Transparency Act unconstitutional

A federal district court in Alabama has ruled unconstitutional the US Corporate Transparency Act, which requires a number of categories of companies to report their beneficial owners to a registry run by the Financial Crimes Enforcement Network - FinCEN. The decision was made as part of the National Small Business Association's lawsuit against US Treasury Secretary Janet Yellen.

Estonian commercial register does not allow changes to the history of beneficial ownership

A businessperson who wanted to correct his company's data has discovered an important flaw in the work of the Estonian commercial register. The ERR portal writes about it.

Transparency International criticises European authorities for restricting journalists' access to beneficiary registers

Transparency International has criticised the authorities of a number of European Union member states for restricting journalists and non-profit activists from accessing registers of beneficial owners of businesses.

U.S. Corporate Transparency Act: beneficial ownership reporting and the end of corporate confidentiality

Financial Crimes Agency FinCEN has published proposals to amend the US Corporate Transparency Act.

FATF recommends allowing government access to beneficiaries of foreign companies

The Financial Action Task Force on Money Laundering has issued amendments to its recommendations expanding the powers of financial intelligence agencies.

Malta Financial Intelligence clarifies beneficiary reporting procedure

Malta clarified the procedure for establishing the identity of the ultimate beneficial owner if the corporate client's shares are held by a trust or foundation.

FATF Releases New Draft Recommendations on Mandatory Registration of Beneficiaries

The Financial Action Task Force on Money Laundering (FATF) has published proposals for amendments to Recommendation 24 and its Explanatory Note on transparency and beneficial ownership of legal entities.

The United States will add the beneficiaries of offshore companies in the national register

“Non-US” companies incorporated to do business in the US, as well as corporations registered in the US, will be required to file reports annually with the US Treasury's Financial Crimes Agency (FinCEN) disclosing key information about their beneficial owners.

Cayman Islands Launches Consultation on Establishing a Central Register of Beneficiaries

The Government of the Cayman Islands has published preliminary provisions for the creation of a centralized register of beneficial owners, replacing the current system in which companies keep records of their controlling persons.

Jersey has amended the Beneficial Ownership Guidelines

Jersey's non-controlling founders no longer qualify as beneficial owner.

The FATF is preparing to tighten the beneficial ownership rules

The consultations on the improvement of the new FATF Recommendations (R.24) on transparency and beneficial ownership of companies have been completed.

Draft law on the registration of beneficial owners of trusts was published in the Netherlands

On April 26, the draft law was published in the Netherlands, which makes the registration of beneficial owners of trusts compulsory.

Germany tightens requirements for transparency of companies

The German federal government has presented a bill that imposes new disclosure obligations for German companies, in particular about their beneficiaries.

What is the Register of Beneficial Ownership and which countries have already implemented it?

The Register of Beneficial Ownership is a database which contains information about the ultimate beneficial owner of a company (a natural person) or a complex corporate structure.

New changes in the register of beneficial owners of the Czech Republic

This summer, a new law will come into force in the Czech Republic, which will fundamentally change a number of conceptual and practical issues in the operation of the register of beneficial owners.

The Czech Republic modernized the beneficiary registration system

The Czech Ministry of Justice has carried out a technological modernization of the information system containing the data of the beneficiaries of Czech companies.