Member Seminar: UBO Registry- facing the challenges

Successful performance of the new legal obligation largely depends on comprehensive analysis of the ownership structure as well as proper interpretation of local legislative provisions. At this interactive workshop, we explored practical examples of the UBO Registry reporting including the obstacles we are facing when identifying actual owners of legal entities. Ideas, sophisticated solutions and the exchange of live examples will certainly contribute to the correct implementation of the existing Registry.

Following topics were discussed:

• What is UBO Registry and how to properly apply in practice - implementation of the Registry and legislative framework for the implementation of the new obligation
• Reporting entities and how to use web application for reporting the real owners - how to properly submit the report on the actual ownership through the web application
• Diversity in the UBO Report - joint stock companies, branch offices and companies in bankruptcy - whom to declare as a real owner?
• What if there is no natural person on the top of the ownership structure - identification of alternative solutions in the absence of real owners
• Board Members as Ultimate Beneficial Owners - when to identify Board Members as real owners of the legal entity?
• Know Your Client Analysis - what business activities are under the special monitoring of Anti-Money Laundering legislation?