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Conditions for avoiding liability for failure to submit a notarized copy of an identity document (passport of a citizen of Ukraine), which is the ultimate beneficial owner of a legal entity


Regarding the preparation of draft documents to confirm the information about the ultimate beneficial owners of legal entities, you can call the author of the publication in the legalHelp lawyer Truskavetsky Roman, who is a specialist in civil, commercial, tax and corporate law.

Obligations and deadlines for submitting information on UBO to the state registrar

In accordance with paragraph 4 of Section X "Final and Transitional Provisions" of the Law of Ukraine "On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction" (hereinafter - the Law on Financial Monitoring), legal entities registered before the entry into force of this Law, submit to the state registrar information on the ultimate beneficial owner in the amount specified by this Law, and the ownership structure within three months from the date of entry into force of the normative legal act approving the form and content of ownership structure.

This act entered into force on 11.07.2021, so the three-month period expires on 11.10.2021.

Liability for failure to provide information and documents on UBO

In accordance with Part 6 of Article 166-11 of the Code of Ukraine on Administrative Offenses, failure to submit or late submission to the state registrar provided by the Law of Ukraine "On State Registration of Legal Entities, Individuals - Entrepreneurs and Public Associations" (hereinafter - the Law on State Registration) beneficial owner of the legal entity or its absence, or documents to confirm the information about the ultimate beneficial owner of the legal entity (hereinafter - KBV) - entail the imposition of a fine on the head of the legal entity or a person authorized to act on behalf of the legal entity (executive body), one thousand to three thousand non-taxable minimum incomes.

Documents certifying the identity of the UBO and the conditions of notarization of their copies

Among the documents to confirm the information on UBO p.19 part 4 of Article 17 of the Law on State Registration provides for adding a notarized copy of the document certifying the person who is the ultimate beneficial owner of the legal entity - for a natural person - non-resident and if such a document is issued without the use of the Unified State Demographic Register - for a resident individual.

UBO identity documents that are not subject to submission to the state registrar in copies

That is, in accordance with this rule, copies of identity documents issued by the Unified State Demographic Register shall not be attached to the information on a legal entity contained in the Unified State Register.

The identity documents are exhaustively listed in Part 1 of Article 13 and Part 1 of Article 22 of the Law of Ukraine "On the Unified State Demographic Register and documents confirming the citizenship of Ukraine, certify the person or his special status" (hereinafter - the Law on EDDR).

In this list, among the identity documents there is a passport of a citizen of Ukraine for travel abroad.

Therefore, the passport of a citizen of Ukraine for travel abroad, which contains a unique entry number in the USDR indicated in the information on KBV available on page 2 of the application, in accordance with paragraphs "b" of paragraph 1 of Part 1 of Article 13 and Part 1 of Article 22 of the Law about EDDR, is the identity document!

Details of documents issued to a person by means of the Register, as well as documents on the basis of which such documents are issued (type, document name, series, number, date of issue and authorized entity that issued the document, validity of the document), in accordance with paragraph 8 Part 1 of Article 7 of the same Law - is information about a person who is entered into the Unified State Demographic Register as part of information about the CBV as defined in paragraph 9 of Part 2 of Article 9 of the Law on State Registration.

In order to verify identity documents, the state registrar must verify such documents using the Unified State Demographic Register (paragraph 5, part 3 of Article 6 of the Law on State Registration).

Conditions for avoiding UBO liability for failure to submit a notarized copy of a passport of a citizen of Ukraine

The unique number of the entry in the USDR from the identity document issued by the Unified State Demographic Register shall be indicated in the information on the ultimate beneficial owner of the legal entity, which on page 2 of the application form 2 on state registration of the legal entity (except public entities and authorities).

Roman Truskavetsky

Translated from Ukrainian using Google translator

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