“Additions and amendments to the legislation on the procedures for the registration and publication of data on beneficial owners”

Decision No. 328 of 18.05.2022 of the Council of Ministers “On some additions and amendments to Decision No. 1088 of 24.12.2020 of the Council of Ministers, “For the determination of the method and procedures for the registration and publication of data on beneficial owners, as well as notification by the competent State Authorities and by the obliged entities”, as amended, has been published and entered into force immediately after its publication in the Official Journal on 20.05.2022. According to this Decision, with regard to the request for initial registration and the registration of changes in the beneficial owner, compared to what is provided for in Decision No. 1088/2020 amended, the following additions and changes have been made: Regarding documentation: The person authorized for the electronic application shall attach documentation certifying that the registered beneficial owner holds 25% or more of the shares/units of the capital and any other documentation that the reporting entity holds for the identification and registration of its beneficial owner. In the event that the request for initial registration or registration of changes to the beneficial owner does not comply with the regulations on the beneficial owner register, the procedure for the suspension of shares for the registration of the request is applied and the QKB shall communicate to the reporting entity, by publishing in the register, the exact reason for the suspension: in the event of a request for initial registration of the beneficial owner, no later than 1 (one) working day from receipt of the request; and in the event of a request for registration of changes to the beneficial owner, no later than 2 (two) working days from receipt of the request; A 30-day deadline has been set to complete the deficiencies that hinder the registration request. Furthermore, as a reminder to each reporting entity, the initial registration of the beneficial owner is an obligation for non-compliance with which, by 06.30.2022, administrative sanctions of the value of Lekë 400,000 (four hundred thousand) will be applied.