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The Global Compliance Calendar – Ultimate Beneficial Ownership compliance

Increased demand for transparency and growing regulatory scrutiny has seen many jurisdictions across the world introduce Ultimate Beneficial Owner (UBO) reporting requirements.

In 2022, six countries introduced new UBO requirements – Mexico, Panama, Colombia, The Netherlands, Lithuania and Armenia. In total there are now approximately 109 countries around the world with some kind of UBO regulation.

Diversity is a key description of UBO regulations worldwide – the main definitions and applicable rules and processes of reporting vary greatly from jurisdiction to jurisdiction.

Therefore, transparent calendaring and planning are essential now in order to ensure multinationals with entities spread across multiple jurisdictions are compliant with the various UBO laws and reporting requirements

What is the process?

The information on a legal entity’s beneficial ownership needs to be kept up-to-date internally and filed with the relevant registry. The complete procedure varies with each country and can range from simple one-off electronic filings to required annual communications with shareholders.

In addition, many countries have very specific forms that need to be filed during a certain period. Others require companies to obtain, hold and register – where necessary – adequate, accurate and current information on the UBO.

What is at risk?

Staying ahead of the curve on regulatory changes and obtaining comprehensive beneficial ownership information can prove to be a colossal task for even the most comprehensive legal teams, as the smallest error can lead to penalties.

From significant increases in risks of financial crime to reputational damage, hefty financial penalties, loss of license and even criminal prosecutions, the implications of UBO non-compliance are wide-reaching.

Introducing Mercator® by Citco’s Global Compliance Calendar

Our Global Compliance Calendar is a customized and easy to navigate tool, with up-to-date information on all corporate compliance obligations – including UBO reporting requirements – across the entire entity portfolio.

It provides a schedule for the full year, with details of the work to be done and accompanying deadlines, increasing efficiency and visibility and ensuring that annual obligations do not take companies by surprise.

The list of recurring corporate compliance deadline is powered by Mercator’s rules engine and regularly maintained by our dedicated team of jurisdictional experts.

Entity information is available to all project members 24/7 and located with our proprietary technology platform – Entica™ – ensuring corporate control through transparency.

To find out more about Mercator’s Global Compliance Calendar for 2023 contact mercator@citco.com or request a demo here.

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