Only Few Days Left to Register Your UBO in Serbia

January 21, 2020

Only Few Days Left to Register Your UBO in Serbia

January 21, 2020

The Ministry of Economy published a notice reminding that the deadline for registration of natural persons as ultimate beneficial owners of legal entities in the Ultimate Beneficial Owner Central Registry (“UBO Registry”) expires on 31 January 2020. They also announced that all legal entities that fail to fulfil this obligation will be faced with misdemeanour proceedings, with potential fines ranging from RSD 500,000 to RSD 2,000,000 for legal entities, and RSD 50,000 to RSD 150,000 for the responsible person.

Amendments to the Ultimate Beneficial Owner Central Registry Act entered into force earlier this year, which, among other things, specifies liability for legal entities that do not register a UBO until 31 January 2020.

The Serbian Business Registers Agency is responsible for keeping the UBO Central Registry, and will initiate misdemeanour proceedings if:

  • The registered entity fails to register a UBO within 15 days from establishment of the entity or register the change of UBO within 15 days from the actual change;
  • The registered entity registers false or inaccurate data in the UBO registry;
  • The registered entity does not keep the documents based on which the UBO was determined;
  • The registered entity fails to register a UBO before 31 January 2020.

In case when the registered entity is a financial institution or an entity engaged in currency exchange business, supervision and potential misdemeanour proceedings will be conducted by the National Bank of Serbia.

 

This text is for informational purposes only and should not be considered legal advice. Should you require any additional information, feel free to contact us.

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