Regulatory Alerts2023-11-16
Added · Updated
Cabinet Decision No. (109) of 2023 on Regulating the Beneficial Owner Procedures
This Decision establishes procedures for identifying beneficial owners as natural persons owning or controlling 25% or more of a legal person's capital or voting rights. Licensed and registered legal persons must maintain Beneficial Owner and Partner Registers, submitting data to the Registrar within 60 days of enforcement or registration and updating changes within 15 days. The document mandates the Registrar to verify data, establish an anti-money laundering unit, and enforce confidentiality, while exempting wholly government-owned companies and Financial Free Zones from these requirements.