Introduction of procedure concerning ultimate beneficiaries in Ukraine deferred until April 1, 2024

MOSCOW. Dec 4 (Interfax) - The Ukrainian Justice Ministry and Finance Ministry have deferred until April 1, 2024 the introduction of a procedure for primary financial monitoring entities to notify the keeper of the Unified State Register of Legal Entities and Individuals of disagreements uncovered between the register data and findings of checks of ultimate beneficial owners and/or the ownership structure of legal entities.

The decision has been made "to enable primary financial monitoring entities to make the essential organizational arrangements for introducing a mechanism for notifying the keeper of the Unified State Register of Legal Entities and Individuals," Ukrainian media quoted the Justice Ministry as saying on its official website.

The introduction of the procedure for primary financial monitoring entities also to notify a specially authorized body of such disagreements has been deferred until the same date.

The new procedure was previously supposed to start being applied on December 1, 2023.