Initiation of Beneficial Owners (UBOs) Register of Corporate and Other Legal Entities
By: Chambersfield Economides Kranos
Corresponding to the official statement issued 19.02.21 with the passage of the "Law on the Prevention and Combating of Money Laundering (Amending) Law of 2021", the Ministry of Energy, Commerce, and Industry proclaims that the electronic service for the Registration of Beneficial Owners (UBOs) information for corporate and other legal entities will be available 16.03.2021 under the Companies Section website, e-filing services.
Therefore, as of Tuesday, March 16, 2021, companies can begin entering the details of their beneficial owners (UBOs) onto the interim system solution.
Furthermore, the digital platform serves as a transitional solution. Six months from the data collection date will be given for registration in the digital platform information system.
During the intermediate solution operation duration, the UBO information will be accessible only to the competent bodies upon request to the Registrar of Companies. Therefore, before the development of the final operation system, responsible entities or the general public will not have access to research this data.
The Registrar of Companies will also provide a comprehensive guide that will oversee the register operation of actual beneficiary companies and other legal entities. The guide, amongst others, will include information on the requested data of the UBO, obligations, procedures of data submission, exceptions, etc. The Registrar of Companies will also upload a manual and case studies on its website to guide all liable parties on data submission to the e-platform.
According to the Directive of the Registrar of Companies (Regulatory Administrative Act 112/2021), the Guidance for the Interim Solution of the Beneficial Ownership Register and the provisions of Article 61 (A) that refers to the "Law on the Prevention and Combating of Money Laundering and Terrorist Financing Law of 2007," as amended; companies, legal entities, and officials require to register the information of the actual beneficiaries of companies and other legal entities.
The requested information about UBO will include, amongst others:
a. Full contact details - Name, Surname, Date of Birth, Nationality, Residence address of each Beneficiary Owner (UBO)
b. Nature and extent of Status final ownership held indirectly or directly from each Beneficiary Owner, including the percentage of shares, rights, votes, or the significant influence of a person or the type and extent of the absolute control exercised directly or indirectly by each beneficial owner.
c. Natural Person - Identity number, ID document, type of document, country of issuance.
d. The date on which the natural person acquired beneficial ownership;
e. The date of possible changes in the particulars of the natural person; or termination of a beneficial owner:
It is understood that in case, after exhausting all possible means and provided that there are no reasonable doubts, if no natural person has been identified as a valid beneficiary owner or if there are doubts about the identified person as an actual beneficiary, the company and other legal entities should acquire and hold the information under (a) to and (e) of the natural person that owns the senior management position.
For further information about the beneficial owner register’s operations, please refer to the relevant Directive of the Registrar of Companies (Regulatory Administrative Act 112/2021 – Κ.Δ.Π. 112/2021 ).