Ukraine: New Requirements to the Disclosure and Confirmation of Information on Beneficial Owners

published on 22 April 2020 | reading time approx. 2 minutes

On 28 April 2020, new requirements to the disclosure and confirmation of information on beneficial owners of legal entities become effective in Ukraine. The new requirements were introduced by the Law of Ukraine “On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Proliferation of Mass Destruction Weapons ” No. 361-IX of 6 December 2019.

After 28 April 2020, legal entities incorporated in Ukraine will have to submit to the state registrar (a notary also acts as a state registrar) information about their beneficial owners and their ownership structure in case of any changes on legal entity in the state companies register (except for legal entity dissolution). This requirement also applies in case of any changes in the beneficial owners data and in the ownership structure.

In addition, all legal entities shall each year within 14 calendar days from the day of state registration confirm to state registrar that the information about beneficial owners is up-to-date and that no changes in the ownership structure occurred. Any changes in the beneficial owners data and in the ownership structure shall be notified within 30 business days from their occurrence.

Legal entities registered as at 28 April 2020, will have to submit to state registrar up-to-date information about beneficial owners and the ownership structure within three months from the date of approval of the notification form. The form and the content of the ownership structure notification shall be approved by the State Financial Monitoring Service by 28 July 2020.

To following documents shall be submitted to state registrar to confirm the information about beneficial owners and the ownership structure:

ownership structure according to approved form;
extract from trade register or similar document confirming registration of a non-resident legal entity abroad, if the founder is a non-resident legal entity;
copy of passport of the beneficial owner attested by a notary.

All documents issued abroad must be legalized or certified with apostille.

The failure to submit or late submission of the information about the beneficial owner or documents confirming information about the beneficial owner is subject to a penalty in the amount from UAH 17,000 to UAH 54,000 imposed on management of legal entity.