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Register of Beneficial Owner

Cab Dec 58/2020 Effective from 25/8/2020
  1. The Legal Person shall keep and maintain the data of each Beneficial Owner in a register of beneficial Owner to be established within (60) sixty days from the date of promulgation of this Decision or the date on which the Legal Person comes into existence. The Legal Person shall update and record any changes to the data contained in the Register of Beneficial Owner within (15) fifteen days of becoming aware of such change.
     
  2. The Register of Beneficial Owner shall include the following data in respect of each Beneficial Owner:
    1. Full name, nationality, date and place of birth.
    2. Residential address or the address which the notices shall be sent on it, by virtue of this Decision.
    3. Number of passport or identity card, the country of issuance, date of issuance and expiry.
    4. Basis and date on which the person became a Beneficial Owner of the Legal Person.
    5. Date on which the person ceased to be a Beneficial Owner of the Legal Person.
       
  3. If the Legal Person enters name of a natural person as a Beneficial Owner in its Register of the Beneficial Owner, information and data were not provided by such natural person or with his knowledge, the Legal Person shall, within (15) fifteen days of making such entry, notify the natural person of such inclusion.
     
  4. Any concerned or interested person may make an application to the competent court to rectify the Register of Beneficial Owner, in the following cases:
    1. Name of any person is, without sufficient cause, entered-into or omitted from the Register of Beneficial Owner.
    2. A person's name is not entered into the Register of Beneficial Owner.
    3. An undue delay takes place in entrance of the name of any person into the Register of Beneficial Owner, or omitting the name of any person who has ceased to be a beneficial owner from the Register of Beneficial Owner.
       
  5. The Legal Person may not register or give effect to any document relating to a change in its ownership, unless a statement is provided by or on behalf of the transferee, which states whether the transfer will result in a change in the Beneficial Owner for the Legal Person, and the nature of such change or no. The said statement shall include the data of the new Beneficial Owner and to be entered into the Register.