Disclosure of Beneficial Ownership in Selected Countries

July 2017

The Law Library of Congress, Global Legal Research Center

(202) 707-6462 (phone) • (866) 550-0442 (fax) • law@loc.gov • http://www.law.gov
This report is provided for reference purposes only. 

It does not constitute legal advice and does not represent the official 

opinion of the United States Government. The information provided 

reflects research undertaken as of the date of writing. 

It has not been updated.
Disclosure of Beneficial Ownership

by the Staff of the Global Legal Research Directorate 

SUMMARY This report by the Law Library of Congress surveys the laws related to registration of beneficial owners and disclosure of information on corporate data in the European Union as a whole and in twenty-nine 

countries, representing all continents and major geographic regions of the world. Foreign laws related to the registration of beneficial owners are compared and contrasted with the provisions of S. 1454, a bill 

presently under consideration in the United States Senate. 

The individual country entries identify institutions authorized to collect information on beneficial owners, procedures for submitting and updating this information, existing exemptions from disclosure, and 

requirements for the government to verify the information provided. They also indicate who has access to the corporate data provided to the authorities and how companies can be held liable for nondisclosure, 

for providing false information, or otherwise violating relevant legal requirements. All individual country entries include a definition of “beneficial owner” or comparable terms as provided by national 

legislation. 

The idea of ensuring greater transparency over beneficial ownership is relatively new. In accordance with the beneficial ownership policy adopted by the G-20 summit in Brisbane, Australia in 2014, the 

Financial Action Taskforce (FATF), and the European 4th Anti-Money Laundering Directive, most of the countries in the survey have recently amended their legislation (e.g., Argentina, Brazil, Costa Rica, 

France, Germany, Italy, Jamaica, Jordan, Pakistan, Singapore, South Africa, Sweden, United Kingdom) or are currently working on amending their laws (Afghanistan, India, Netherlands). 

It appears that of the G-7 countries, Canada and Japan are the only two jurisdictions that did not change their national laws even though both countries did commit to meeting FATF requirements. In its 2014 G20 Anti-Corruption Working Group Accountability Report Questionnaire, Canada reported that it does not “require that the beneficial ownership and company formation of all legal persons organized for profit 

be reported,” and no legislative amendment to address the issue has been introduced. Japan also does not have a law that requires companies to disclose their beneficial ownership; however, a new rule that 

provides for disclosure of major shareholders was adopted in 2016. 

Countries whose laws address beneficial ownership regulate this issue through company laws, company registration rules, regulations implementing EU directives, or anti-money laundering legislation. They 

require that a company report information on beneficial owners to the registering authorities, which are usually state or local authorities. In some unitary states, this function is performed by a designated 

national institution. Information on corporate registration and beneficial owners is collected by business registrars (Afghanistan, Argentina, India, Sweden, United Kingdom), national tax authorities (Brazil), 

securities regulators (Australia, Pakistan), a securities exchange (South Africa), central banks (Armenia, Costa Rica), or local courts (France), or with regard to the EU, by a designated central registry in each 

Member State. 

One major difference among the countries surveyed was in the definition of “beneficial owner.” The definition accepted by the EU and its Member States is based on FATF Guidance, which defines a beneficial 

owner as a “natural person who ultimately owns or controls the customer and/or the natural person on whose behalf a transaction or activity is being conducted.” Other countries add to the definition individuals 

with a “relevant interest” (Australia) or a “person with significant control” (United Kingdom). These are individuals holding securities with the power to control the corporation and its transactions. In some 

cases, these individuals are defined based on specific percentages of shares they own (the lower threshold is usually between 20% and 30%). Japanese reporting requirements apply to all major shareholders. 

While previously enacted legislation often does not address the issue of bearer shareholders or nominees, and treats beneficial owners as regular shareholders, newly proposed laws distinguish between a 

beneficial interest in a share and significant beneficial ownership (India), and contain a broad definition of “controlling beneficiary,” meaning an “individual or group of individuals who ultimately benefits from 

a good or service, or exercise(s) control over a company through ownership of securities, a pertinent contract or any other act, which allow them to impose, directly or indirectly, decisions on the shareholders or 

partners” (Mexico). The study shows that even when the laws of a country do not contain transparency or beneficial ownership provisions, some countries may introduce special rules intended to prevent the use 

of corporate entities for unlawful purposes. To remedy this situation in Lebanon, the Governor of the Lebanese Central Bank prohibited dealings with corporate entities whose stocks and shares are totally or 

partially issued in bearer form. 

Certain reporting requirements are provided for transactions involving “beneficiaries” in specific economic sectors (e.g., financial institutions (Israel, Pakistan), dealers in precious stones (Israel)), or for activities 

conducted by representatives of self-regulated professions (Israel). Exemptions from reporting requirements can be granted for individuals who own less than a particular percentage of company’s shares (Israel, 

Spain) and specific groups of individuals or companies working in select business sectors. The research indicated less strict beneficial owner identification rules for the travel industry and manual currency 

exchange activities in Portugal, and for public corporations in Sweden. 

Access to the corporate data reported in registration documents is determined differently in each country. Some jurisdictions have created or are working on establishing open access to public registers of 

beneficial ownership (Afghanistan, Argentina, Australia, France, Israel, Jamaica, Netherlands, United Kingdom), although some may require the payment of fees (Australia, Jamaica, Netherlands). The EU 

The Law Library of Congress 1
Disclosure of Beneficial Ownership

Member States and Japan provide access to government institutions, obliged entities, and all who may have “legitimate interests” without defining the parameters of these interests. Others limit access to law 

enforcers (Singapore), monitoring government authorities (Armenia, Brazil, Costa Rica, Mexico), or members of the company (India). 

It is broadly expected that companies will provide correct information to the authorities. While most of the laws surveyed contain general provisions stating that information on beneficial owners must be 

updated within a specific period after the legal requirement has been introduced (Sweden) and then regularly thereafter (Brazil, Costa Rica, Germany, France), or within a reasonable amount of time (Portugal, 

Sweden), or when a situation changes (Japan), other countries establish strict chronological limits for reporting, ranging from two days (Singapore) to five years (Italy). Mexican law provides for monthly 

updates to be submitted by companies if they work in areas designated as vulnerable to money laundering. As a rule, governments do not verify information provided by companies and no data verification 

mechanisms are foreseen by national legislation. Verification requirements were only found in the laws of Argentina, France, Mexico, Namibia, South Africa, and Spain. 

In the case of a failure to disclose beneficial owners, a court or the registering authority may issue an order to comply (Australia, France) and impose a fine. This may be a daily fine until the obligation to 

disclose is met (France, India) or a specific amount (Costa Rica, Japan, Spain, United Kingdom). In some cases, penalties can be in the form of de-registration (Namibia) or imprisonment (Pakistan, Portugal). 

Some countries (Armenia, Jordan) do not foresee any criminal or civil sanctions for failing to file accurate and timely information in the beneficial ownership registers. Their laws state that failing to provide 

correct information is punishable, but no penalties have been defined so far. 

In general, the survey finds that most of the countries that have beneficial ownership registration laws in place view public beneficial ownership registration as an anti-money laundering tool that works in 

alignment with other legal mechanisms, such as access to company information, risk assessment, government monitoring, and law enforcement.

The Law Library of Congress 2
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

United States State Natural person who 

exercises substantial 

control of corporation 

or LLC through 

ownership interests, 

voting rights, or 

agreement, or has 

substantial interest in 

or receives substantial 

economic benefits 

from assets of 

corporation or LLC. 

Within 60 days after 

date of any change in 

beneficial owners.

Not later than 10 days 

after date on which 

formation agent 

transfers corporation 

or LLC to another 

person. 

(I) registered

business required to

file reports; (II)

business sponsored

by state, state

subdivision, interstate

compact, agency of

the US, or

international

organization of which

US is a member; (III)

depository

institution; ( IV)

credit union; (V)

bank holding

company; (VI)

registered broker or

dealer; (VII)

registered exchange

or clearing agency;

(VIII) registered

investment company

or investment

advisor; (IX) stateregulated insurance

company; (X)

registered entity

(Commodity

Exchange Act); (XI)

public accounting

firm; (XII) public

utility that provides

services within US;

(XIII) religious

institution or

Subject to state statutes 

on disclosure to public 

No In addition to any civil 

or criminal penalty 

imposed by a state, 

liable to US for civil 

penalty of not more 

than $1 million, 

imprisonment for not 

more than 3 years, or 

both. 

Proposed measure: S. 

1454, amending Part E 

of title I of the 

Omnibus Crime 

Control and Safe 

Streets Act of 1968 (42 

U.S.C. §§ 3750 et 

seq.). 

Makes reference to:

7 USC § 1a;

12 USC §§ 1752, 1813, 

1840; 

15 USC §§ 78c, 78o, 

80a-1, 80a-2, 80b-1, 

80b-2(11), 80b-3, 

780(d), 781, 7212; 

26 USC §§ 501(c)(3) 

or 527. 

The Law Library of Congress 3
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

nonprofit; (XIV) US 

business that employs 

more than 20 fulltime employees, 

has >$5M in gross 

receipts, and >100 

shareholders; (XV) 

any corporation or 

LLC owned in whole 

or part by entity in 

above subclauses, is 

within a class of 

business which US 

Attorney General, 

DHS, and Treasury 

Secretaries jointly 

determine to be 

exempt.

Afghanistan Currently, One Stop 

Shop for Licensing 

Office under Ministry 

of Commerce is 

Central Registry 

Agency (national).

Previously, most 

businesses that 

invested in 

Afghanistan were 

obliged to submit 

registry information 

to Afghanistan 

Investment Support 

Agency (AISA) 

Law does not define 

“beneficial owner.”

“Shareholder” defined 

as person in whose 

name shares are 

registered in Central 

Registry of Shares of 

the Corporation, and is 

beneficial owner of 

shares to extent of 

rights granted in 

registered bidding 

document filed in 

Central Registry of 

corporation, or 

At time AISA existed, 

annual reports were 

submitted to AISA.

Also Ministry of 

Finance and its 

provincial 

departments receive 

financial reports from 

corporations, which 

include data on 

corporations’ 

beneficiaries. 

The One Stop Shop 

for Licensing Office 

Unclear Government, 

shareholders, 

investigators selected in 

general annual meeting 

of shareholders, Board 

of Observers selected 

by general meeting. 

Unclear Submitting false 

information or 

submitting fraudulent 

documents to Central 

Registry Agency or 

One Stop Shop for 

Licensing: possible 

imprisonment. 

Based on complaint to 

Ministry of 

Commerce: 

Commercial Court 

may dissolve 

company. 

Law on Business 

Corporations and 

Limited Liability 

Companies (LBC & 

LLC), OFFICIAL

GAZETTE, 2007, No. 

913), archived at 

https://perma.cc/PKD7-

D9D9. 

Law on Private 

Investment (LPI) in 

Afghanistan (unofficial 

translation), archived 

at 

https://perma.cc/LX5A

The Law Library of Congress 4
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

(national). 

Businesses in special 

fields may also need 

to provide 

owner/beneficial 

owner information to 

that ministry 

(national).

beneficial owner of 

shares who assigns 

voting rights to third 

party (owner of shares 

held in a Voting 

Trust).

under Ministry of 

Commerce and its 

provincial 

departments update 

information on 

corporations once 

every three years. 

Board of Observers 

investigates operations 

and books of 

corporation at least 

every six months and 

inspects corporation’s 

treasury every three 

months.

Note: It is not clear 

what type of 

complaint would 

result in dissolution, 

but such complaints 

should be logical and 

based on law.

-KRUZ

Argentina Unidad de 

Informacion 

Financiera-Minsterio 

de Justicia y 

Derechos Humanos 

de la Nación 

(Financial 

Information Unit –

Ministry of Justice 

and Human Rights) 

(national)

Individuals holding at 

least 20% of capital or 

voting rights in legal 

entity, or that by other 

means exercise final 

direct or indirect 

control over legal 

entity

Yearly updates Individuals holding 

<20% of capital or 

voting rights in legal 

entity

Open to public upon 

written petition except 

with regard to stock 

companies

Yes No company may 

record information or 

document in 

Companies Registry 

until beneficial owner 

information is 

reported

Resolución General 

No. 7/2015, as 

amended by 

Resolución General 

9/2015 Inspección 

General de Justicia, 

archived at 

https://perma.cc/9KGZ

-25Y3.

Armenia State Registry of 

Legal Entities under 

Ministry of Justice 

(national)

Individual who 

effectively controls 

legal entity, 

transaction, or 

business relationship 

and/or for whose 

Updates are required 

each time change is 

made to statutory 

capital of legal entity 

or composition of its 

shareholders. 

No Information on 

beneficial owners not 

available to public. Such 

information provided 

upon request to Central 

Bank of Armenia 

No While law states that 

failure to provide 

correct information is 

punishable, no 

penalties have been 

implemented so far. 

Law No. 80-N on 

Combatting Money 

Laundering and 

Terrorism Financing of 

July 2, 2008, art. 3(1), 

(14) & 9, as amended

The Law Library of Congress 5
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

benefit 

transaction/business 

relationship exists. 

May also include 

individual who

• owns 20% or more 

of voting shares 

(except for public 

companies) or has 

ability to 

predetermine 

decisions of legal 

entity by virtue of 

his/her 

shareholding or 

agreement signed 

with legal entity; 

• is member of 

managing or 

administrative 

body of legal 

entity; or 

• acts in agreement 

with legal entity 

based on common 

economic 

interests.

(authority responsible 

for detecting money 

laundering). 

(in Armenian), 

archived at 

https://perma.cc/8EB3-

3SHZ. 

Decision of the Board 

of the Central Bank 

No. 20-N of Jan. 27, 

2009, as amended (in 

Armenian), archived at 

https://perma.cc/PS8ULWVX.

Australia Australian Securities 

and Investments 

Commission (AISC) 

(national). 

Closest concept is 

“relevant interest,” 

defined as individual 

holding securities with 

power to 

exercise/control right 

to vote and dispose of 

None located AISC may exempt 

individual from 

disclosure 

requirements. 

Register publicly 

available, company may 

charge a fee to view. 

No Failure to disclose 

relevant interest in 

response to notice 

issued by AISC: fine 

and/or 6 months’ 

imprisonment. 

Corporations Act 2001, 

No. 50, 2001, archived 

at

https://perma.cc/XN5

W-SBUT.

The Law Library of Congress 6
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

securities. Relevant 

interest in corporate 

body arises if 

individual holds 

voting power >20%, 

or control of corporate 

body or managed 

investment scheme. 

Brazil Brazilian Internal 

Revenue Service 

(Secretaria da Receita 

Federal do Brasil, 

RFB)

A natural person 

• who ultimately, 

directly or 

indirectly, 

possesses, controls, 

or significantly 

influences entity; or 

• on whose behalf 

transaction is 

conducted.

Entity obliged to 

update National Legal 

Entity Registry 

(Cadastro Nacional de 

Pessoa Jurídica, 

CNPJ) to reflect any 

change regarding its 

registration data 

before last working 

day of month 

subsequent to 

occurrence.

• Legal entities 

organized as 

publicly-held 

companies

• Nonprofit entities 

that do not act as 

fiduciary 

administrators

• Multilateral 

institutions; 

central banks; 

government 

entities; or entities 

linked to 

sovereign wealth 

funds, pension 

institutions, 

pension funds, 

and similar 

institutions, 

provided that they 

are regulated and 

supervised by 

competent 

governmental 

authority in 

RFB No Omitting information, 

or giving a false 

declaration to tax 

authorities: two to five 

years’ imprisonment 

and a fine

Instrução Normativa 

RFB No. 1634, de 26 

de Maio de 2016, 

archived at

https://perma.cc/47DJ9HNK. For a detailed 

description of the 

entities exempt from 

disclosure, see id. art. 8 

(§§ 3–6). 

Lei No. 8.137, de 27 de 

Dezembro de 1990 art. 

1(I), archived at

https://perma.cc/27WE

-LEXP.

The Law Library of Congress 7
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

country or 

country of origin

• National 

investment funds 

regulated by 

Securities and 

Exchange 

Commission

Costa Rica Central Bank of 

Costa Rica (Banco 

Central de Costa 

Rica) collects and 

stores information. 

General Directorate 

of Taxation 

(Dirección General 

de Tributación) 

controls compliance 

with information 

requirements.

“Final or real 

beneficiary” 

(beneficiario final o 

efectivo): person who 

exerts substantive 

influence or control, 

directly or indirectly, 

on company or legal 

entity (estructura 

jurídica) by

• holding majority 

of voting rights of 

shareholders or 

partners; 

• holding right to 

designate or 

terminate (cesar) 

most 

administrative, 

management, or 

supervisory 

bodies; or

• having control of 

company by virtue 

of its governing 

documents.

Must be updated 

annually or when 

shareholder 

reaches/exceeds 

regulatory limit on 

percentage of holdings

of shares/voting 

rights.

None located Treasury Department 

(Ministerio de 

Hacienda) and Costa 

Rican Institute on Drugs 

(Instituto Costarricense 

sobre Drogas, ICD)

No Failure to 

communicate 

information about 

final or real 

beneficiaries: 

administrative fines

Ley para Mejorar la 

Lucha Contra el Fraude 

Fiscal, No. 9416 [Law 

to Improve the Struggle 

Against Tax Fraud], 

arts. 5, 6, 8, 11, 13, LA 

GACETA, Dec. 20, 

2016, archived at

https://perma.cc/3PBJDFRT. 

Código de Normas y 

Procedimientos 

Tributarios (Código 

Tributario), No. 4755 

[Code of Tax Rules 

and Procedures], as 

amended, art. 84 bis,

LA GACETA, June 4, 

1971, archived at

https://perma.cc/8MW6

-6CZL.

The Law Library of Congress 8
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

European 

Union

Member States must 

hold information on 

beneficial ownership 

in central register in 

each Member State 

and notify 

Commission of 

characteristics of 

those national 

mechanisms.

Any natural person 

who ultimately owns 

or controls customer, 

and/or natural person 

on whose behalf 

transaction or activity 

is conducted.

At a minimum, this 

includes, 

• in case of 

corporate entities: 

(i) natural person 

who ultimately 

owns or controls 

legal entity 

through direct or 

indirect ownership 

of >25% of shares/ 

voting rights or 

ownership interest 

in entity; or (ii) if 

no person under 

point (i) is 

identified, or if 

there is any doubt 

that person 

identified is 

beneficial owner, 

the senior 

manager(s); and

• in case of trusts, 

foundations, or 

entities similar to 

trusts: (i) settlor; 

Information held in 

central register must 

be current.

Companies listed on 

regulated markets 

subject to disclosure 

requirements 

consistent with EU 

law, or subject to 

equivalent 

international

standards that ensure 

adequate 

transparency of 

ownership 

information 

• Competent authorities 

and FIUs, without 

any restriction 

• Obliged entities, 

within the framework 

of customer due 

diligence 

• Any person or 

organization that can 

demonstrate a 

legitimate interest

Information on 

beneficial ownership 

held in central register 

must be accurate.

Criminal sanctions 

and/or administrative 

sanctions and 

measures. 

Breaches that are 

serious, repeated, 

and/or systematic: 

administrative 

sanctions and 

measures, including at 

least (a) public 

statement identifying 

natural or legal person 

and nature of breach; 

(b) order requiring 

natural or legal person 

to cease conduct and 

desist from repetition 

of conduct; (c) 

withdrawal or 

suspension of 

authorization for 

obliged entity; (d) 

temporary ban against 

manager in obliged 

entity from exercising 

managerial duties, 

(e) maximum 

administrative 

pecuniary sanctions of 

at least twice the 

amount of benefit 

derived from breach 

where benefit can be 

Directive (EU) 

2015/849 of the 

European Parliament 

and of the Council of 

20 May 2015 on the 

Prevention of the Use 

of the Financial System 

for the Purposes of 

Money Laundering or 

Terrorist Financing, 

Amending Regulation 

(EU) No. 648/2012 of 

the European 

Parliament and of the 

Council, and Repealing 

Directive 2005/60/EC 

of the European 

Parliament and of the 

Council and 

Commission Directive 

2006/70/EC, arts. 3(6), 

30, 58, 59, 2015 O.J. 

(L 141) 73, archived at

http://perma.cc/LQW4-

UNJ8. 

The Law Library of Congress 9
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

(ii) trustee(s); (iii) 

protector, if any; 

(iv) beneficiaries 

or class of persons 

in whose main 

interest legal 

arrangement or 

entity is set up or 

operates; (v) any 

other natural 

person exercising 

ultimate control 

over trust by 

means of 

direct/indirect 

ownership or other 

means.

determined, or at least 

€1 million. Where 

obliged entity 

concerned is credit 

institution or financial 

institution, higher 

fines may be imposed.

France Trade and Companies 

Register (Registre du 

commerce et des 

sociétés) via registry 

offices at local 

commercial courts, 

which in turn send 

information to 

National Institute of 

Industrial Property 

(Institut national de 

la propriété 

industrielle)

Any natural person 

who ultimately owns 

or controls customer 

and/or natural person 

on whose behalf 

transaction/activity is 

conducted.

In case of corporate 

entities or collective 

investment schemes, 

any physical person 

who owns, directly or 

indirectly, >25% of 

corporation’s shares or 

voting rights, or who 

has, by any other 

Must be regularly 

updated

Sole proprietorships, 

government-owned 

businesses, and 

government agencies

or offices

Competent law 

enforcement authorities 

and financial institutions 

that have obligation of 

due diligence

Yes Failure to disclose:

compliance order

Continued 

noncompliance: daily 

fine until obligation to 

disclose met

CODE DE COMMERCE 

[COMMERCIAL CODE], 

art. 123-6 (as in force 

Dec. 3, 2016), archived 

at

https://perma.cc/42YPBDD6; CODE 

MONETAIRE ET 

FINANCIER [MONETARY 

AND FINANCIAL CODE], 

arts. L561-46, L561-47

(as in force July 21, 

2017), archived at

https://perma.cc/2FLKH8BU; id. arts. R561-

1, R561-2, R561-3, 

archived at

The Law Library of Congress 10
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

means, any control 

over corporation’s 

management organs. 

In case of legal 

entities that are neither 

corporations nor 

collective investment 

schemes, or in case of 

trusts or other similar 

entities, any person 

who (i) is destined to 

become owner of at 

least 25% of entity’s 

property; (ii) belongs 

to class of persons in 

interest of whom 

entity was created or 

in interest of whom it 

operates; (iii) has right 

to at least 25% of 

entity’s property; or 

(iv) is settlor, trustee, 

or beneficiary of trust.

https://perma.cc/QM3C

-5QX6.

Germany Bundesanzeiger 

Verlag GmbH 

entrusted by Federal 

Ministry of Finance 

with keeping national 

electronic 

Transparency 

Register. 

Any natural person 

who ultimately owns 

or controls customer, 

or on whose behalf 

transaction is 

ultimately being 

conducted or business 

relationship is being 

established. 

Information must be 

kept up-to-date and 

transmitted 

immediately to the 

Transparency 

Register. Changes in 

beneficial ownership 

must be reported 

immediately to 

obliged entity/person. 

Beneficial ownership 

information already 

available via other 

sources such as 

commercial register, 

partnership register, 

cooperative register, 

association register, 

or business register. 

To extent necessary to 

carry out their lawful 

tasks,

• supervisory 

authorities;

• Financial 

Intelligence Unit;

• competent 

authorities listed in 

§ 13 of the German 

No Administrative 

pecuniary fines of up 

to € 100,000. Higher 

pecuniary fines 

imposed for certain 

institutions and for 

breaches that are 

serious, repeated, 

and/or systematic.

Gesetz zur Umsetzung 

der Vierten EUGeldwäscherichtlinie, 

zur Ausführung der 

EUGeldtransferverordnun

g und zur 

Neuorganisation der 

Zentralstelle für 

Finanztransaktionsunte

The Law Library of Congress 11
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

In case of legal 

persons (with the 

exception of 

foundations/other 

companies not listed 

on regulated market 

according to German 

Securities Trading 

Act): 

• natural person who 

ultimately owns or 

controls legal 

entity through 

direct or indirect 

ownership 

of >25% of shares 

or voting rights in 

entity, or who 

exercises control 

in comparable 

way; if no such 

person identified, 

or there is doubt as 

to beneficial 

owner, then legal 

representative, 

managing partner, 

or partner of 

contracting party;

• in case of 

foundations, trusts, 

and legal 

arrangements 

similar to trusts, 

any natural person 

Companies listed on 

a regulated market 

according to German 

Securities Trading 

Act, or companies 

that are subject to 

disclosure 

requirements 

consistent with EU 

law or subject to 

equivalent 

international 

standards that ensure 

transparency of 

ownership 

information.

Foreign Trade and 

Payments Act;

• law enforcement 

authorities;

• Federal Central Tax 

Office and local tax 

authorities; and

• authorities in charge 

of risk detection, 

prevention, and 

elimination.

Obliged entities if they 

can demonstrate access 

is necessary to comply 

with customer due 

diligence obligations.

Anyone that can 

demonstrate legitimate 

interest. 

Final sanctions must 

be published by 

supervisory authorities 

after informing 

sanctioned party, and 

information must 

remain accessible for 

five years. Publication 

must identify 

sanctioned party and 

nature of breach.

Authorization for 

obliged entity may be 

withdrawn or 

suspended by 

supervisory authorities 

if breach was 

continued even though 

entity was ordered to 

cease conduct and 

desist from repetition, 

and breach was 

serious. In such cases, 

supervisor may also 

temporarily ban 

manager from 

exercising managerial 

duties.

rsuchungen [Act to 

Transpose the Fourth 

EU Anti-Money 

Laundering Directive, 

to Carry Out the EU 

Funds Transfer 

Regulation, and to 

Reorganize the 

Financial Intelligence 

Unit], June 23, 2017, 

BUNDESGESETZBLATT 

[BGBL.] [FEDERAL 

LAW GAZETTE] I at 

1822, archived at

http://perma.cc/8PYVYXGJ, partial 

translation of draft 

version of Act 

available at 

http://www.zoll.de/Sha

redDocs/Downloads/D

E/Links-fuerInhaltseiten/DerZoll/fiu_regierungsent

wurf_bmf_en.pdf?__bl

ob=publicationFile&v=

2, archived at 

http://perma.cc/8QB2-

FVV9; Gesetz über das 

Aufspüren von 

Gewinnen aus 

schweren Straftaten 

[Geldwäschegesetz –

GwG] [Act on the 

Detection of Proceeds 

The Law Library of Congress 12
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

who acts as settlor, 

trustee, and 

protector, if any; 

any natural person 

on board of 

foundation; any 

natural person 

designated as 

beneficiary; class 

of natural persons

in whose main 

interest trust or 

similar 

arrangement is set 

up or operates, if 

beneficiaries have 

yet to be 

determined; and 

any other natural 

person exercising 

direct or indirect 

control over asset 

management or 

distribution of 

proceeds. 

from Serious Crimes 

[Anti-Money 

Laundering Act], 

June 23, 2017, BGBL. I 

at 1822, as amended, 

§§ 3, 18, 20, 23, 25, 51, 

56, 57, archived at

http://perma.cc/FWC2-

H5HS; Verordnung 

über die Übertragung 

der Führung des

Transparenzregisters 

(Transparenzregisterbel

eihungsverordnung -

TBelV) [Regulation on 

Transfer of 

Responsibility for 

Keeping the 

Transparency Register 

[Transparency Register 

Responsibility 

Regulation], June 27, 

2017, BGBL. I at 1938, 

§ 1, archived at

http://perma.cc/2UMW

-ZP4A; Verordnung 

zur Datenübermittlung 

durch

Mitteilungsverpflichtet

e und durch den 

Betreiber des 

Unternehmensregisters 

an das 

Transparenzregister 

(Transparenzregisterdat

The Law Library of Congress 13
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

enübermittlungsverord

nung - TrDüV) 

[Regulation on Data 

Transmission by 

Obliged Entities and by 

the Operator of the 

Commercial Register 

to the Transparency 

Register [Transparency 

Register Data 

Transmission 

Regulation], June 30, 

2017, BGBL. I at 2090, 

archived at

http://perma.cc/9UKGMPHB.

India* Registrars of 

Companies (ROC). 

Offices of Registrars 

are at state and union 

territory level but are 

administratively 

controlled by Central 

Government through 

Ministry of Corporate 

Affairs. 

Not defined under 

current law 

(Companies Act, 

2013).

Person registered as 

owner of shares not 

holding beneficial 

interest must make 

declaration to 

company within 30 

days of his/her name 

being entered on 

register and must 

declare any change in 

beneficial interest. 

Beneficial owner 

under same 

obligations.

Company required to 

Exempt from 

declarations:

• Government 

companies

• Trusts created to 

set up mutual 

fund or venture 

capital fund, or 

other fund 

approved by 

Securities and 

Exchange Board 

of India.

No Failure to make 

disclosure: fine, 

enhanced with daily 

fines where failure 

continues. 

Companies Act, 2013, 

§ 89, archived at 

https://perma.cc/Q53XUBV6. 

Companies 

(Management and 

Administration) Rules, 

2014, R. 9, archived at

https://perma.cc/6RBD

-3NQU.

* The first part of the India entry describes current law, while the second part describes what pending legislation would require, if enacted.

The Law Library of Congress 14

 
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

note declarations in 

register of members 

and file return with 

Registrar within 30 

days.

Pending Legislation 

(Companies 

Amendment Bill, 

2016) would define 

“beneficial interest in 

a share” as holding, 

directly or indirectly, 

the right to exercise 

any/all rights attached 

to such share, or to 

receive/participate in 

any dividend or other 

distribution in respect 

of such share. 

Would define 

“significant beneficial 

owner” as individual 

holding beneficial 

interest of not less 

than 25% or other 

prescribed percentage 

of shares, or holding 

right to exercise, or 

actually exercising, 

significant influence 

or control.

“Significant beneficial 

owner” would be 

required to give 

declaration to 

company as prescribed 

by rules. 

Every company would

maintain register of 

interest declared by 

individuals, and would 

be required to file 

return of significant 

beneficial owners and 

changes with 

Registrar.

Company could give 

notice to those not 

registered as 

significant owners.

Register of “Significant 

Beneficial Owners” 

maintained by company 

open to inspection by

any member of 

company upon payment 

of fees.

Failure to provide

information required 

by notice: company 

would be required to 

apply to Tribunal 

within fifteen days for 

order, and Tribunal 

could restrict rights 

attached to shares in 

question. 

Failure to make 

declaration: fine. 

Company’s failure to 

maintain register or 

file return: company 

and every officer 

would be considered 

in default and subject 

to fine.

Companies 

Amendment Bill, 2016

(pending legislation), 

cls. 21, 22, archived at 

https://perma.cc/62JS9ACC.

The Law Library of Congress 15
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

Ireland Registrar of 

Companies 

anticipated to 

establish and 

maintain Registrar of 

Beneficial Ownership 

of Companies and 

Industrial and 

Provident Societies 

(I&Ps) in Q4 2017 

(national).

Any person who 

ultimately owns or 

controls customer,

and/or person on 

whose behalf 

transaction or activity 

is conducted. 

Corporate Entities: 

owning or controlling 

the legal entity 

through direct or 

indirect ownership. 

Direct: shareholding 

of 25% plus one share 

or ownership interest 

of more than 25% held 

by person. 

Indirect: shareholding 

of 25% plus one share, 

or ownership interest 

of 25% plus one share 

held by corporate 

entity. 

Beneficial owner must 

notify central registry 

of beneficial 

ownership if 

beneficial ownership 

ceases, or if change 

occurs resulting in 

entry on register being 

incorrect or 

incomplete, within 

two months of change 

occurring, or within 

one month of facts 

becoming known to 

beneficial owner.

Any legal entity: (a) 

listed on a market 

subject to EU 

disclosure 

requirements, or (b) 

subject to 

international

standards that ensure 

adequate 

transparency of 

ownership 

information.

To be confirmed in Q4 

2017 through Statutory 

Instrument. 

No Failure to give 

information or inform 

of a change: fine. 

Failure to keep and 

maintain a beneficial 

ownership register: 

fine. 

European Union (AntiMoney Laundering: 

Beneficial Ownership 

of Corporate Entities) 

2016 (S.I. No. 

560/2016) (Ir.), 

archived at 

https://perma.cc/TS8NZRTR (transposing 

into Irish Law Council 

Directive (EC) 

2015/849 [see EU 

entry]).

Beneficial Ownership –

2017, COMPANIES 

REGISTRATION OFFICE, 

archived at 

https://perma.cc/NT8CSFLQ.

Department of Finance, 

Information Note: 

Overview of New 

Regulation on 

Beneficial Ownership

(Jan. 2017), archived at 

https://perma.cc/4F9DKCYM.

Israel Company keeps 

register

Term is “substantial 

shareholder,” defined 

as person who holds 

˃5% of issued shares 

or voting rights

Upon knowledge None Publically available No Not applicable Companies Law, 5759-

1999, SEFER HAHUKIM

[SH] [BOOK OF LAWS], 

No. 1711 p. 189, 

as amended.

The Law Library of Congress 16
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

Italy Companies Registry 

(Registro delle 

Imprese), managed 

by each provincial 

Chamber of 

Commerce 

(provincial level)

In the case of 

companies:

• Natural person 

who ultimately 

owns or controls 

legal entity 

through direct or 

indirect 

ownership/control 

over sufficient 

percentage of 

capital stock or 

voting rights, 

including through 

bearer share 

holdings, provided 

that company is 

not listed on 

regulated market 

subject to 

disclosure 

consistent with EU 

legislation or 

equivalent 

international 

standards. 

Percentage of 25% 

plus one share 

meets this 

criterion.

• Natural person 

who otherwise 

exercises control 

over management.

Every five years No information found • Ministry of the 

Economy and 

Finances 

• Respective 

supervising 

governmental 

agency

• Italy’s Financial 

Intelligence Unit 

(Unità di 

informazione 

finanziaria per 

l’Italia)

• Antimafia 

Investigative Unit 

(Direzione 

Investigativa 

Antimafia – DIA) 

• Financial Police 

(Guardia di Finanza)

• National Anti-Mafia 

and Anti-Terrorism 

Directorate 

(Direzione nazionale 

antimafia e 

antiterrorism) 

• Judicial authorities

• Authorities 

responsible for 

fighting tax evasion

• Regulated subjects 

No Failure to 

communicate 

information about 

actual beneficiaries: 

administrative fines 

CODICE CIVILE [CIVIL 

CODE] (as updated July 

3, 2017), arts. 2188 & 

2630, archived at

https://perma.cc/XQ84-

P4TB; Decreto 

Legislativo 25 maggio 

2017, n. 90 Attuazione 

della direttiva (UE) 

2015/849 [Legislative

Decree of May 25,

2017, No. 90, 

Implementation of 

Directive (EU) 

2015/849], G.U. No. 

140 (June 19, 2017) 

(L.D. No. 90), archived 

at 

https://perma.cc/RK6JU9L4.

Decreto Legislativo 21 

novembre 2007, n. 231, 

Attuazione della 

direttiva 

2005/60/CE . . . 

nonche’ della direttiva 

2006/70/CE 

[Legislative Decree 

No. 231 of November 

21, 2007, 

Implementation of 

Directive 2005/60/EC 

of the European 

Parliament and of the 

The Law Library of Congress 17
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

In the case of legal 

entities/legal 

arrangements (e.g., 

foundations or trusts) 

that administer and 

distribute funds:

• Where future 

beneficiaries 

determined, 

natural person who 

is beneficiary of 

25% or more of 

property of legal 

entity.

• Where 

beneficiaries not 

determined, 

category of 

persons whose 

principal interests 

are instituted or 

who manage legal 

entity.

• Natural person 

who exercises 

control over 25% 

or more of 

property of legal 

entity.

• Private subjects 

having a relevant 

and differentiated 

legal interest in the 

matter, provided 

other criteria are met

Council of 26 October 

2005 & Commission 

Directive 2006/70/EC 

of 1 August 2006], art. 

2, G.U. No. 290 (Dec. 

14, 2007) (L. D. No. 

231), archived at 

https://perma.cc/XU52-

LNZR.

Jamaica Information included 

in register kept at 

company’s registered 

place. Registrar of 

Companies (national) 

Individual 

• on whose behalf 

shares are held or 

share transaction is 

conducted,

Company must 

include and update 

names of/shares held 

by beneficial owners, 

or ownership held by 

None Any member/other 

person may request 

copy of register for a 

fee.

No Refusal or delay in 

providing access 

beyond period of ten 

days: fine for 

company, its officers, 

Companies Act, Act 10 

of 2004, §§ 109(2)–(3), 

112, 113, archived at

https://perma.cc/MZ3V

-XEE2; 

The Law Library of Congress 18
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

notified of location. • who exercises

ultimate

ownership or

effective control

over company’s

policy or

decisions, or

• who alone or with

others 

controls >51% of 

voting power or 

holds >51% of 

issued shares of 

company. 

member on behalf of 

beneficial owners. 

Register must specify 

date on which each 

person was entered as 

member. 

When company 

receives notice of 

express/implied trust 

affecting membership 

or constituting 

beneficial ownership 

in/of company, it must 

record particulars of 

beneficial owner in 

register.

or responsible agent. 

Companies 

(Amendment Act), 

2017, §§ 3, 8, 9, 

archived at

https://perma.cc/3EQ4-

WYCW, (amending 

Companies Act of 

2004).

Japan Local Legal Affairs 

Bureaus under 

Ministry of Justice 

(MOJ)

No such definition.

When matter to be 

registered requires 

shareholder meeting 

decision, disclosure 

required of names, 

addresses, number of 

shares, number of 

voting rights, and 

share of voting rights 

of top 10 shareholders 

or largest shareholders 

whose total voting 

rights amount to twothird of all voting 

rights, whichever 

Whenever matter to be 

registered requires 

shareholders’ decision 

or consent of all 

shareholders 

None Persons who have 

legitimate interest in 

registered matters

No False information: 

imprisonment up to 5 

years or fine up to 

500,000 yen (about 

US$4,500) 

Commercial 

Registration Rules, 

MOJ Ordinance No. 23 

of 1964, amended by 

MOJ Ordinance 32 of 

2016, art. 61; 

CRIMINAL CODE, Act 

No. 45 of 1907, 

amended by Act No. 54 

of 2016, art. 157. 

The Law Library of Congress 19
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

results in fewer 

shareholders. 

When matter to be 

registered requires 

consent of all 

shareholders, 

disclosure required of 

names, addresses, 

number of shares, and 

number of voting 

rights of all 

shareholders. 

Jordan Securities Depository 

Center (national). 

No mention of 

beneficial owner or 

beneficial ownership.

Every issuer must 

submit securities 

registration 

application to 

Securities 

Commission per 

instructions issued by 

Board of 

Commissioners of 

Commission.

Issuers of securities

must register issued 

securities at the 

Securities Depository 

Center, in accordance 

with instructions 

issued by Center. 

No issuer of 

securities is exempt 

from registration 

requirements.

Not applicable.

Data and information 

recorded at Securities 

Depository Center 

regarding owners of 

securities, amount of 

ownership, and 

restrictions imposed are 

considered confidential 

and must not be 

disclosed except for 

legitimate purposes. 

No Noncompliance with 

registration 

requirements: fine of 

up to 100,000 dinars. 

Supplying untrue or 

false information that 

may affect value of 

securities or denigrate 

reputation of issuer: 

imprisonment of no 

more than 3 years. 

Securities Law No. 18 

of 2017, art. 5, 74, 

79(a), & 107, (in 

Arabic), archived at

https://perma.cc/EEU5-

LB5C. 

Instructions on the 

Disclosure of 

Information, Data and 

Records of the 

Securities Depository 

Center for the Year 

2003, art. 3A(1), 

archived at

https://perma.cc/5JWX

-EBT9.

Malta No decisions yet as to 

whether Malta will 

Person who ultimately 

owns or controls

Need system in place 

to ensure that 

Exemption on 

grounds of a financial 

EU Directive only 

mandates governments 

It is expected that 

banks will carry out 

Anyone who fails to

maintain customer 

Prevention of Money 

Laundering

The Law Library of Congress 20
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

operate with the 

current Malta 

Registry of 

Companies. 

customer or person on 

whose behalf 

transaction is 

conducted. 

Corporate Entities: 

25% of shares/voting 

rights. 

Natural Person: 

controls at least 25% 

of legal entity. 

documents fulfill due 

diligence obligations.

Higher Risk: intervals 

not exceeding 

eighteen months. 

Earlier reviews carried 

out as soon as possible 

after trigger event has 

occurred.

activity being 

conducted on an

occasional or very 

limited basis. 

EU Directive: 

Limited case-by-case 

basis; who makes this 

decision to be 

decided by Maltese 

Government.

to create registers; it 

does not specify level of 

access for public. 

Malta’s beneficial 

ownership rules are less 

public and more 

protected than in other 

places. Level of access 

has yet to be decided. 

verification of 

identities of beneficial 

owners. It is unclear 

whether government 

will take any direct role 

in this verification 

process. 

due-diligence 

measures, recordkeeping procedures, 

internal reporting 

procedures, adequate 

risk management for 

money laundering: 

fine, not exceeding 

€50,000, 

imprisonment not 

exceeding 2 years, or 

both. 

and Funding of 

Terrorism

(S.L. 373.01), archived 

at 

https://perma.cc/7DSLYZDA.

Financial Intelligence 

Analysis Unit, 

Implementing 

Procedures (Nov. 

2011), archived at 

https://perma.cc/92RM

-H34W.

Mexico Department of 

Justice, Department 

of Finance (both 

national)

“Controlling 

Beneficiary:” 

Individual or group of 

individuals who 

ultimately benefit 

from good or service, 

or exercise control 

over company through 

ownership of 

securities, pertinent 

contract, or other act, 

which allows them to 

• impose, directly or 

indirectly, 

decisions on 

shareholders or 

partners; 

• appoint or dismiss 

majority of board 

members, 

Entities/individuals 

involved in businesses 

that provide services 

falling under category 

of activities vulnerable 

to money laundering 

have duty to report 

transactions of certain 

amounts to 

Department of 

Finance (including 

controlling 

beneficiary) no later 

than 17th day of 

month following date 

on which pertinent 

transaction took place. 

Not located Department of Justice,

Department of Finance

Yes Fines, revocation of 

professional licenses, 

imprisonment.

Ley Federal para la 

Prevención e 

Identificación de 

Operaciones con 

Recursos de 

Procedencia Ilícita

[Federal Law for the 

Prevention and 

Identification of 

Transactions with 

Resources of Illicit 

Origin] 

arts. 3-III, 6, 7, 8, 17, 

18, 23, 24, 33, 34, 38, 

39, 53, 58, 59, 62, 

DIARIO OFICIAL DE LA 

FEDERACIÓN, Oct. 17 

2012, archived at

https://perma.cc/N7BK

-E32N. 

The Law Library of Congress 21
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

executives, or 

similar highranking officers;

• own rights that

allow them to

control voting

rights of >50% of

corporate capital;

• direct

administration,

strategy, or main

policies of

company.

Namibia Registrar of 

Companies and Close 

Corporations, Master 

of High Court 

(national) 

Natural person who 

owns or effectively 

controls client, 

including natural 

person on whose 

behalf a transaction is 

conducted; or natural 

person who exercises 

effective control over 

legal person or trust. 

Ownership or 

effective control 

deemed present when 

the person 

• directly or

indirectly owns or

controls,

individually or

with a connected

person, 20% or

Annually Minister of Finance 

may exempt person 

or class of persons on 

recommendation of 

Anti-Money 

Laundering and 

Combating the 

Financing of 

Terrorism Council. 

• Members, directors,

shareholders, and

beneficial owners of

relevant companies

and close

corporations

• Namibian Police

Force

• Anti-Corruption

Commission

• Namibia Central

Intelligence Service

• Prosecutor-General

• The Financial

Intelligence Centre

• Other authority

legally investigating

unlawful activities

Yes Denial of registration, 

denial of registration

renewal, 

deregistration, fine, 

imprisonment 

Financial Intelligence 

Act 13 of 2012, 

GOVERNMENT

GAZETTE OF THE

REPUBLIC OF NAMIBIA

§§ 1, 4, 5, 9 & 70 (Dec.

14, 2012), archived at

https://perma.cc/7PFKBXGN; Financial 

Intelligence 

Regulations, 

Government Notice 

Bo. 3 of 2015, §§ 2 & 

3(Jan. 28, 2015), 

archived at 

https://perma.cc/8KFX3YU7. 

The Law Library of Congress 22
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

more of the shares 

or voting rights of 

the entity,

including through

trusts or bearer 

share holdings for

any legal person;

• receives a large

percentage of the 

person’s declared 

dividends, despite 

having a less than 

20% ownership or 

control of shares 

or voting rights; or

• otherwise 

exercises 

managerial control 

in his/her capacity 

as executive 

officer, nonexecutive director, 

independent nonexecutive director, 

director, manager,

or partner.

Netherlands** Financial service 

providers such as 

banks, exchange 

institutions, life 

insurers, etc.

“Ultimate beneficial 

owner” (UBO) 

(uiteindelijke 

belanghebbende): 

natural person who

• holds a >25% 

Financial service 

providers must check 

customers’ identity 

and determine 

ultimate beneficial 

owner of transaction; 

UBOs not required to 

inform company of 

changes in share 

ownership. 

Institutions authorized 

to collect information. 

No Administrative fines, 

classified according to 

gravity. 

Fines may be imposed 

for, e.g., failure of 

Wet ter voorkoming 

van witwassen en 

financieren van 

terrorisme, Wwft

[Money Laundering 

and Terrorist Financing 

** The first part of the Netherlands entry describes current law, while the second part describes what a pending implementation bill would do, if enacted.

The Law Library of Congress 23

 
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

A company register, 

administered by 

Chamber of 

Commerce, only 

includes information 

on company’s 

shareholding if 

company has sole 

shareholder. 

Companies are 

required to maintain 

shareholders register 

for internal use 

only—not publicly 

accessible.

share in issued 

capital of client;

• can exercise >25% 

of voting rights at 

client’s general 

meeting of 

shareholders;

• can exercise actual 

control over client;

• is beneficiary of 

25% or more of 

assets of customer 

or trust; or

• has special control 

of 25% or more of 

assets of customer, 

unless customer is 

company subject 

to disclosure 

requirements 

referred to in EU 

Directive 

2004/109/EC (on 

transparency) or 

equivalent 

disclosure 

requirements of 

international 

organization. 

check for any 

sanctions against 

beneficiary or whether 

beneficiary has been 

subject of negative 

publicity; and conduct 

periodic reviews. 

institution to identify 

or verify identity of 

UBO; keep data up-todate; identify UBO as 

fast as possible after 

first contact; ensure 

within a reasonable 

period that risk-based 

procedures are taken 

to determine whether 

UBO that 

becomes/appears to be 

politically prominent 

person does not live in 

Netherlands or have 

Dutch nationality.

Prevention Act] (July 

15, 2008), archived at 

https://perma.cc/68E3-

YXY6 (implements in 

Dutch national law EU 

Directive 2005/60/EC 

[see EU entry]).

Sanctions Act 1977, 

archived at

https://perma.cc/H3SLRCTL (English 

translation in 

appendix); Sanctiewet 

1977 (Feb. 15, 1980, as 

last amended effective 

Jan. 1, 2015), archived 

at

https://perma.cc/R827-

X896. 

Money Laundering and 

Terrorist Financing 

(Prevention) Act 

(Wwft), GRAYDON,

archived at 

https://perma.cc/DP2GYNHA.

Enterprises and legal 

persons referred to in 

article 1 of Trade 

Register Act 2007, 

“Ultimate beneficial 

owner” (UBO) 

(uiteindelijke 

belanghebbende): 

When changes occur Not found Public, openlyaccessible register that 

may be administered by 

Dutch Chamber of 

No, but entity with 

doubts about accuracy 

of data provided to it is 

to report concerns to 

Failure to include 

accurate and up-todate information about 

UBO or failure of 

Implementatiewet 

registratie uiteindelijk 

belanghebbenden (Mar. 

31, 2017), archived at

The Law Library of Congress 24
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

with reference to 

articles 5 and 6

any natural person 

determined by 

administrative 

regulation to 

ultimately own or 

control customer, 

and/or natural person 

on whose behalf 

transaction or activity

is conducted.

Commerce, which 

administers existing 

company register.

Limited access to UBO 

information (name, 

month, and year of 

birth; nationality; 

country of residence; 

and nature and extent of 

economic interest of the 

UBO) in form of PDF 

extracts by anyone, for 

small fee and upon 

registration; no open 

data format.

Full access to UBO 

information (also date of 

birth, address, citizen 

service number, 

verification information, 

documents regarding 

reasons for 

classification as UBO, 

and nature and extent of 

UBO’s economic 

interest) for certain 

competent authorities

and Financial 

Intelligence Unit. 

Chamber of 

Commerce.

institution to report to 

Chamber of 

Commerce its 

reasonable doubt 

about accuracy of 

UBO data or accuracy 

of absence of UBO 

data: offenses under 

Economic Crimes Act 

and considered crimes 

if committed 

intentionally, 

otherwise violations.

https://perma.cc/E2LTFVH3 (bill to 

implement EU 

Directive 2015/849 

[see EU entry]).

Wet op de 

economische delicten

[Economic Crimes 

Act] (June 22, 1950, as 

last amended effective 

Jan. 1, 2017), archived 

at

https://perma.cc/BG4F6L6Y. 

The Law Library of Congress 25
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

Pakistan Securities and 

Exchange 

Commission of 

Pakistan (SECP)

“Registrar” 

designated by the 

SECP

Securities Act, 2015:

Beneficial ownership 

by director, executive 

officer, or substantial 

shareholder, in case of 

natural person, 

deemed to include 

securities beneficially 

owned/held/controlled 

by him/her; by 

specified family 

members; or by 

private company in 

which director, 

executive officer, or 

substantial 

shareholder is 

shareholder, but only 

to extent of his/her 

proportionate 

shareholding. 

If substantial 

shareholder is nonnatural person, only 

securities held in its 

name treated as 

beneficially owned.

Companies Act, 2017:

Defined as ownership 

of securities 

beneficially owned, 

held, or controlled by 

Securities Act, 2015:

Every person who 

becomes beneficial 

owner required to 

provide note to 

company concerning 

his/her beneficial 

ownership in listed 

equity or other 

securities of company 

and to report any 

subsequent changes in 

beneficial ownership 

to company within 7 

days. 

Every listed company 

required to maintain 

register of interests of 

beneficial owners.

Company required to 

notify Commission 

within 7 days of 

receipt of information, 

showing name of 

director, executive 

officer, or 

shareholder; date of 

appointment or 

acquisition of 

beneficial ownership; 

and number of shares 

held by him/her. 

None located Securities Act, 2015:

Not mentioned 

Companies Act, 2017:

SECP required to keep 

record of information in 

Companies Global 

Register of Beneficial 

Ownership and to 

provide information 

maintained to Federal 

Board of Revenue or 

any other agency, 

authority, or court. 

No Securities Act, 2015:

Failure to comply: 

administrative penalty, 

payable to the SECP, 

with additional perday penalties possible 

if default persists.

Where company fails 

to comply: company 

and every director or 

officer knowingly and 

willfully in default 

must pay penalty to 

Commission, with 

additional per-day 

penalties possible if 

default persists. 

Obstruction, 

contravention, or 

noncompliance with 

order/direction given 

under applicable 

section of Act: fine.

Companies Act, 2017:

Failure to comply with 

requirements: fine.

Failure to comply with 

order issued by 

registrar:

Securities Act, 2015, 

archived at 

https://perma.cc/J7Q6-

UCFN. 

Companies Act, 2017, 

archived at 

https://perma.cc/VD9D

-E8Q2. 

The Law Library of Congress 26
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

any officer or 

substantial 

shareholder, directly 

or, indirectly, either 

by him/her or by 

specified family 

members; or, in the 

case of a company, 

where officer or 

substantial 

shareholder holds 

shares, but only to 

extent of his/her 

proportionate 

shareholding.

If substantial 

shareholder is nonnatural person, only 

securities held in its 

name treated as 

beneficially owned.

“Substantial 

shareholder” means 

person with interest in 

shares the nominal 

value of which is 

equal to or more than 

10% of issued share 

capital; or which 

enables person to 

exercise, or control the 

exercise of, 10% or 

more of voting power 

Every director, 

executive officer, or 

substantial 

shareholder of listed 

company must submit 

returns to SECP 

within 7 days of 

acquiring or changing 

beneficial 

ownership/position. 

Companies Act, 2017:

Every citizen or dual 

national beneficial 

owner required to 

report shareholding or 

other interest (as may 

be notified by SECP) 

in foreign company or 

body corporate to 

Pakistani company 

within 30 days of 

holding such position 

or interest.

All information must 

be reported to registrar 

through special return 

within 60 days from 

commencement of 

Companies Act. 

Company 

imprisonment, fine, or 

both.

The Law Library of Congress 27
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

at general meeting. subsequently required 

to submit all 

information received 

to registrar along with 

annual return. 

Portugal National Registry of 

Legal Entities 

(Registro Nacional de 

Pessoas Coletivas) 

Natural person who 

ultimately owns or 

controls client, and/or 

natural person on 

whose behalf 

operation or activity is 

carried out. 

Acts and facts, as well 

as their amendments, 

subject to registration 

with Central Group 

File (Ficheiro Central 

de Pessoas Coletivas, 

FCPC) when change 

occurs.

Companies in 

tourism and travel 

sectors authorized to 

carry out on ancillary 

and limited basis 

manual currency 

exchange activity.

Financial institutions No Up to 3 years in prison 

or a fine

RNPC, Decreto-Lei 

No. 129/98, de 13 de 

Maio, archived at 

https://perma.cc/S2TTYGWW. 

Lei No. 25/2008, de 5 

de Junho, art. 2(5), 

archived at 

https://perma.cc/EBK4-

LSKQ.

RGIT, Lei No. 

15/2001, de 5 de 

Junho, art. 103(1)(a), 

archived at 

https://perma.cc/NEZ8-

CHU9.

Singapore Accounting and 

Corporate Regulatory 

Authority (national) 

and other public 

agencies in 

connection with 

administering or 

enforcing any written 

law

Companies, foreign 

companies, and LLPs 

(unless exempted) 

(collectively 

“companies”) must 

maintain beneficial 

ownership information 

in register of 

registrable 

controllers.

Companies must 

minimally send notice 

to every registrable 

controller annually.

If company knows/has 

reasonable grounds to 

believe particulars of 

controller are outdated 

or incorrect, must send 

• Listed companies 

(subject to 

disclosure 

requirements 

under different 

laws)

• Singapore 

financial 

institutions 

Accounting and 

Corporate Regulatory 

Authority and other 

public agencies in 

connection with 

administering or 

enforcing any written 

law (register of 

registrable controllers

not available to public)

No Failure to comply with 

requirements (criminal 

offense): fine of up to 

SG$5,000 (about 

US$3,650)

Companies 

(Amendment) Act 

2017 (No. 15 of 2017)

pt. XIA & scheds. 14, 

15, 16, archived at

https://perma.cc/PQE7-

28NY; 

Limited Liability 

Partnerships 

(Amendment) Act 

The Law Library of Congress 28
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

“Controller” means 

individual or legal 

entity with 

“significant interest” 

in or “significant 

control” over 

company. “Significant 

interest” and 

“significant control” 

in general mean 

having right to 

appoint/remove 

majority of directors, 

holding >25% of 

shares or capital, or 

holding >25% of 

voting power.

notice to controller

within 2 business 

days.

If controller informs 

company that his/her

particulars are 

outdated and provides 

updated particulars,

company should 

update register within 

2 business days after 

receiving information.

• Companies 

wholly owned by 

the government

• Public companies

• LLPs in which all 

partners are 

exempted

2017 (No. 16 of 2017)

pt. VIA & scheds. 6, 7, 

archived at

https://perma.cc/A8T2-

68K2; 

Companies (Register of 

Controllers and 

Nominee Directors) 

Regulations 2017, 

archived at

https://perma.cc/6V4D8ELF; 

Registers of 

Registrable Controllers 

Guidance for 

Companies § 6.1, 

archived at

https://perma.cc/H9W

Y-SBP8; 

Registers of 

Registrable Controllers 

Guidance for Foreign 

Companies, archived at

https://perma.cc/96A6-

NJXV; 

Registers of 

Registrable Controllers 

Guidance for Limited 

Liability Partnerships

§ 6.1, archived at 

https://perma.cc/Z36SBFBU. 

The Law Library of Congress 29
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

South Africa Johannesburg 

Securities Exchange 

(JSE)

Depository (bank or 

institution 

“acceptable to the 

JSE, that issues DRs 

[depository receipts] 

representing the 

securities of an issuer 

that are held in trust 

by the depository in 

the issuer’s local 

market”)

Issuer (company 

admitted to listing in 

the JSE) 

Person or entity 

holding de facto right 

or entitlement to: 

• receive any

dividend, interest,

or other income

payable in respect

of that security;

• exercise or cause

to be exercised, in

the ordinary

course of events,

any/all voting,

conversion,

redemption, or

other rights

attached to such

security; and/or

• dispose or cause

disposal of

company’s

securities or any

part of a

distribution in

respect of

securities.

None No JSE, issuer, or relevant 

bank 

Unclear No Johannesburg Stock 

Exchange, JSE Listing 

Requirements, § 19.75 

(2017), archived at 

https://perma.cc/PHC4-

J2U5. 

Financial Intelligence 

Centre (FIC)

(national) 

Natural person who, 

independently or 

together with another, 

directly or indirectly

owns or exercises 

effective control the 

legal person. 

Accountable 

institutions required to 

conduct ongoing due 

diligence and report to 

the FIC upon request. 

No • National Prosecuting

Authority

• Intelligence Service

• South Africa

Revenue Service

• Independent Police

Investigative 

Yes Administrative 

sanctions and/or 

financial penalty

Financial Intelligence 

Centre Act 38 of 2001,

§§ 1, 21B, 21C-E, 40

& 45C, archived at

https://perma.cc/SBE7-

3QRG; Financial 

Intelligence Centre 

Amendment Act 1 of 

The Law Library of Congress 30
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

Directorate 

• Intelligence Division 

of National Defence 

Force

• Special Investigating 

Unit

• Investigative 

division in an organ 

of state

• Public Prosecutor

2017, GOVERNMENT 

GAZETTE, No. 40841 

(May 2, 2017), 

archived at

https://perma.cc/9U4LZGLK. Note that the 

provision extending 

application of Act to 

beneficial owners has 

yet to take effect. 

Commencement of 

Financial Intelligence 

Centre Amendment 

Act, GOVERNMENT 

NOTICE (GN) No. 563 

(June 13, 2017), 

archived at 

https://perma.cc/BBH6

-7ASV.

Spain Servicio Ejecutivo de 

la Comisión de 

Prevención del 

Blanqueo de 

Capitales e 

Infracciones 

Monetarias 

(Financial 

Intelligence Unit, 

FIU)

(national)

Base de Datos de 

Titularidad Real 

(Beneficial Owner 

Individual holding or 

having control over 

25% or more of 

company, or directors 

and managers when 

there is no such 

individual

Individual owning or 

controlling 25% or 

more of voting rights 

of board of trustees of 

foundation, or of 

representative body in 

association

FIU: periodically

BOD: biweekly

Individuals holding 

<25% in company

FIU: Restricted to 

judiciary, intelligence, 

law enforcement, and 

other selected 

authorities with 

justification.

BOD: Restricted to law 

enforcement, judiciary, 

and other selected 

authorities.

Yes Nondisclosure: 

administrative 

admonition and fines 

from €60,000 to 

€150,000, in addition 

to criminal sanctions 

when applicable 

Ley 10/2010, de 28 de 

abril, de Prevención del

Blanqueo de Ccapitales 

y de la Financiación 

del Terrorismo [Law 

for the Prevention of 

Money Laundering and 

Terrorism Financing] 

arts. 4.2, 8, 21, 41, 

52.b, 57.1.c, BOLETIN 

OFICIAL DEL ESTADO

[BOE], Apr. 29, 2010, 

archived at

https://perma.cc/3ZTEBRE8.

The Law Library of Congress 31
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

Database, BOD) 

within the Consejo 

General del 

Notariado (General 

Council on Notary 

Publics) (national)

Real Decreto 304/2014, 

por el que se Aprueba 

el Reglamento de la 

Ley 10/2010, de 28 de 

abril, de Prevención del 

Blanqueo de Ccapitales 

y de la Financiación 

del Terrorismo [Royal 

Decree 304/2014,

Approves Regulation 

of Law 10/2010] arts. 

8.b, 8.5, 9.2, 9.6, 33.3, 

55, 58, 67, BOE, May 

6, 2014, archived at 

https://perma.cc/5P8ED2JE.

Acuerdo del Consejo 

General del Notariado, 

de 24 de marzo de 

2012, por el que se 

aprueba la creación del 

fichero de datos de 

carácter personal “Base 

de Datos de Titular 

Real”, BOE, Apr. 28, 

2012, archived at 

https://perma.cc/S8A3-

CAKU.

Sweden Bolagsverket 

(Swedish Companies 

Registration Office) 

(national)

Person who, alone or 

with another, 

ultimately owns or 

controls legal entity, 

Registration within six 

months of law 

entering into force 

(i.e., Feb. 1, 2018), 

• Sole proprietors

• Nonprofit 

organizations 

without 

Free public access to 

Public Register at 

Bolagsverket. 

No Noncompliance 

(failure to disclose or 

false information): 

fine (vite), which can 

EU Directive 2015/849 

(see EU entry, above); 

Lag om registrering av 

verklig huvudman [Act 

The Law Library of Congress 32
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

or physical person on 

whose behalf someone 

else is acting. 

Beneficial ownership 

status presumed if 

individual/corporation 

holds >25% of 

shares/voting rights in 

company; has right to 

appoint/remove 

majority of board 

members; or through 

contractual obligations 

has right to 

exercise/actually 

exercises significant 

influence or control 

over company/trust/ 

firm.

four weeks after 

registering with 

agency, or within 

reasonable time after 

beneficial ownership 

status of entity has 

changed.

beneficiary owner

• Shareholder 

corporations 

(Aktiebolag) 

traded on 

regulated market 

(public 

companies)

• The state, 

regions, 

municipalities, 

and legal entities 

in which the 

public has 

deciding 

influence 

• Estates and 

bankruptcy 

estates

• Simple 

Companies 

(Enkla bolag), 

formed between 

two persons for a 

certain purpose

Information maintained 

by company must be 

available for inspection 

by any agency or private 

entity that needs access.

be assigned to both 

corporations, 

directors, board 

members, or other 

persons acting on 

behalf of company.

on Registration of 

Beneficial Ownership] 

(SFS 2017:631), 

archived at

https://perma.cc/65K3-

MCSB (enters into 

force Aug. 1, 2017); 

Proposition [Prop.] 

2016/17:173 

Ytterligare åtgärder 

mot penningtvätt och 

finansiering av 

terrorism [Additional 

Measures To Prevent 

Money Laundering and 

Financing of 

Terrorism] 

(Government Bill), 

archived at 

https://perma.cc/5YRE8DPH.

Tanzania Capital Markets and 

Securities Authority 

(CMCA) 

Natural person who 

makes final decisions, 

ultimately controls

customer/person on 

whose behalf

transaction is 

conducted. Includes 

Must be updated 

regularly.

Tanzanian 

government entities, 

foreign government 

entities not 

blacklisted by 

international 

community, entities 

Officers dealing with 

matters relating to antimoney laundering 

and/or combatting of 

terrorism financing, and 

Financial Intelligence 

Unit

No None Financial Intelligence 

Unit, Anti-Money 

Laundering Guidelines 

to CMSA Licensees

§§ 1.2, 2.4.1, 9.0 & 

11.4 (Guidelines No. 5, 

Feb. 1, 2012), archived 

The Law Library of Congress 33
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

person who exercises 

ultimate effective 

control over

incorporated or 

unincorporated entity.

listed on Tanzanian 

stock exchange, 

entities listed 

inadequately 

regulated on foreign 

stock exchange, and 

financial institutions 

under supervision of 

Tanzanian 

regulatory agencies 

exempt, except in 

instances where 

CMCA suspects that 

particular transaction 

involves money 

laundering or 

terrorism financing. 

at

https://perma.cc/3YR4-

WVDF; 

Anti-Money 

Laundering Act No. 12 

of 2006, § 17 (Jan. 5, 

2007), archived at

https://perma.cc/3WJA

-PCLY; 

Anti-Money 

Laundering Act 

Regulations § 32, 

93(36) SUBSIDIARY 

LEGISLATION TO THE 

GAZETTE OF THE 

UNITED REPUBLIC OF 

TANZANIA (Sept. 7, 

2012), archived at 

https://perma.cc/2PC6-

AB2X. 

United 

Kingdom

Central Public 

Register at 

Companies House 

(national)

Designated “person 

with significant 

control” (PSC) 

defined as individual 

who holds >25% of 

shares/voting rights in 

company; has right to 

appoint or remove 

majority of board of 

directors; or has right 

to exercise/actually 

exercises significant 

influence or control 

over company/trust/ 

Company’s internal 

PSC register must be 

updated within 

fourteen days of any 

change, and public 

register at the 

Companies House 

within additional 

fourteen days. 

If no changes, 

information must be 

verified once every 

twelve months. 

Secretary of State 

may make 

regulations to exempt 

person/entity from 

registration 

requirements. 

Companies House 

accepts applications 

to protect information 

of individuals at risk 

of violence or 

intimidation from 

being on register. 

Register at the 

Companies House is 

publicly accessible. 

PSC register maintained 

by company must be 

open to inspection by 

any person without 

charge. 

No Failing to take steps to 

determine if person 

subject to the 

registration 

requirements: fine 

and/or up to twelve 

months’ imprisonment 

Failing to provide 

information, or 

providing false 

information, to the 

register: imprisonment 

of up to two years.

Companies Act 2006, 

c. 46, pt. 21 & scheds. 

1A, 1B, archived at 

https://perma.cc/GPR2-

9N94; Department for 

Business, Energy & 

Industrial Strategy,

Draft Statutory 

Guidance on the 

Meaning of 

“Significant Influence 

or Control” Over 

Companies in the 

Context of the Register 

The Law Library of Congress 34
Disclosure of Beneficial Ownership

Countries with Laws Concerning Beneficial Ownership

Country

Institution with 

Authority to Collect 

Information 

(State/National 

Level)

Definition of 

Beneficial Owner

Requirements for 

Updating 

Information

Exemptions from 

Disclosure

Persons/Entities with 

Access to Information 

About Beneficial 

Owner

Is Information 

Subject to 

Government 

Verification? 

(Yes/No)

Types of Penalties 

for Nondisclosure, 

False Information

Legal Source

firm.

Failing to keep and 

maintain register: fine 

and additional penalty 

per day of violation. 

of People with 

Significant Control 

(Apr. 14, 2016), 

archived at

https://perma.cc/DP8ANEEW. 

The Law Library of Congress 35