The Ministry of Justice postponed the implementation of the procedure regarding data about UBO until September 1

29/03/2024

Effective from April 1, 2024, Order No. 2542/5 of the Ministry of Justice regarding the procedure for notifying the Ministry of Justice as the holder of the Unified State Register about discrepancies identified by the subject of primary financial monitoring as a result of a proper check and the information about ultimate beneficial owners and/or ownership structure of a legal entity placed in the Unified State Register was supposed to come into force.

However, the Ministry of Justice approved a new Order No. 727/5 dated March 18, 2024, and postponed the implementation of Order No. 2542/5.

Therefore, the Ministry of Justice will start imposing fines for inaccurate data about beneficiaries in the Unified State Register from September 1, 2024.

How we can help

If you have any questions related to inspections regarding the provided information about ultimate beneficial owners and ownership structure, we recommend contacting us. SCHNEIDER GROUP experts will advise you on the current changes regarding the procedure for such inspections.

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