The UBO regulation emanates from Anti Money Laundry regulations and it aims to enhance transparency and to develop effective regulatory mechanisms and procedures in this regard. Entities must maintain and file an Ultimate Beneficial Owner register which contains the following information and must be continuously updated for any changes within 15 days of that change.
• Name, nationality, date and place of birth
• Address and place of residence where notifications must be sent
• Travel document and ID’s number, country, date of issuance and expiry
• The basis on which the person becomes an Ultimate Beneficial Owner, and the date of acquiring such capacity
• The date on which the person ceased to be a Ultimate Beneficial Owner