Republic of Serbia Securities Commission sets new obligations for reporting entities to verify ultimate beneficial owner data and report register discrepancies

The Republic of Serbia Securities Commission published an update on adopted amendments to the Law on the Central Register of Ultimate Beneficial Owners that introduce new obligations for reporting entities to identify a legal entity’s ultimate beneficial owner in line with anti-money laundering and counter-terrorist financing requirements. By the date the new law enters into force, each reporting entity must obtain the client’s ultimate beneficial owner information from the Central Register and compare it with the entity’s own data. Where discrepancies or missing information are identified in the Central Register, the reporting entity must immediately notify the competent authority, which in this context is the Securities Commission. Notifications and the publication of a list of registered entities about which the authority has been informed are carried out without the consent of the client or the individual to whom the data relates; once the information is aligned and the reporting entity confirms its accuracy and completeness, a further notification is submitted and the authority updates the published list.