Law “For the beneficial owner” Approved on July 29, 2020, provides for the creation, no later than January 31, 2021, of the register of beneficial owners, where the data of the beneficial owners of entities required to report will be recorded.
The National Business Center announces that, in implementation of this law, existing reporting entities must, no later than December 31, 2020, identify their beneficial owners and create and maintain the relevant documentation regarding them.
This data must be recorded no later than 60 calendar days from the date the register is created (which, by law, must be established by January 31, 2020).
Meanwhile, the rules and procedures for registering this data shall be approved by the Council of Ministers within three months from the date this law enters into force.
Source: National Business Center (NBC)
