Caption: Minister of Commerce Majid Al-Qasabi issues new rules defining the Ultimate Beneficial Owner
Minister of Commerce Majid Al-Qasabi issued a decision approving the Ultimate Beneficial Owner (UBO) regulations, replacing the previous regulations. 
A ministerial statement defines the Ultimate Beneficial Owner (UBO) as a natural person or individual(s) who ultimately own or exercise direct or indirect control over a company.
The Ministry explained that the issued regulations aim to enhance corporate transparency in line with international and local standards pertaining to anti-money laundering, counter-terrorism financing, and proliferation financing, in addition to establishing a ministry database to record and maintain UBO information.
The regulations require companies to maintain a dedicated register for UBO data, which must include name, nationality, place and date of birth, identification details, passport for residents outside the Kingdom, address, contact details, and UBO criteria, including the nature and extent of ownership or control and the date the UBO status was verified.
The rules also oblige companies to take reasonable procedures and measures to ensure the correct identification of the UBO and impose penalties on companies that fail to comply, in accordance with the companies law.
The Ministry clarified that there are no fees for registering UBO data or for annual confirmation of the information.
Caption: Minister of Commerce Majid Al-Qasabi issues new rules defining the Ultimate Beneficial Owner
Minister of Commerce Majid Al-Qasabi issued a decision approving the Ultimate Beneficial Owner (UBO) regulations, replacing the previous regulations.
A ministerial statement defines the Ultimate Beneficial Owner (UBO) as a natural person or individual(s) who ultimately own or exercise direct or indirect control over a company.
The Ministry explained that the issued regulations aim to enhance corporate transparency in line with international and local standards pertaining to anti-money laundering, counter-terrorism financing, and proliferation financing, in addition to establishing a ministry database to record and maintain UBO information.
The regulations require companies to maintain a dedicated register for UBO data, which must include name, nationality, place and date of birth, identification details, passport for residents outside the Kingdom, address, contact details, and UBO criteria, including the nature and extent of ownership or control and the date the UBO status was verified.
The rules also oblige companies to take reasonable procedures and measures to ensure the correct identification of the UBO and impose penalties on companies that fail to comply, in accordance with the companies law.
The Ministry clarified that there are no fees for registering UBO data or for annual confirmation of the information.
