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Ukraine abolishes the requirement for annual UBO reporting
Ukraine has changed its Ultimate Beneficial Ownership (UBO) reporting framework by adopting Law No.2571.
The Law intends to bring Ukraine closer to the EU anti-money laundering standards and will help to meet the requirements for the continuation of negotiations on UK’s accession to the EU.
Effective as of the 29th of December 2022, the Law cancels annual UBO reporting requirements for companies. However, it still requires keeping the respective information updated. Deadlines for the notifying are as follows:
- In case of changing the information on the UBO or the ownership structure – within 30 business days from the date of such changes;
- during state registration of certain changes – during state registration of the respective changes;
- in case of discrepancies in information about UBO – within three business days from the day of its finding.
The law also introduces simplified procedures for submitting UBO information via electronic submission and also increases the penalties for non-compliance.
With the introduction of electronic UBO reporting and the possibility to submit e-certified UBO identification documents, as well as an increase of penalties for non-compliance, the Law cancels annual reporting obligation.