Welcome to the first of Kyckr’s new Quarterly Registry Updates. In this update, the Kyckr team will provide insight and intelligence on all things related to the world of corporate registries, ensuring you are up to date on the latest developments in primary source company data. In addition, we will be highlighting any new additions and enhancements to the Kyckr registry network, including new jurisdictions, registry documents, and data you can access to improve your AML processes.
As always, your feedback and questions are important to us. To ask a question or find out more information about the contents of this update, please email firstname.lastname@example.org or contact your Kyckr commercial manager.
Kyckr Network Updates
A list of enhancements, new documents and data points available to order on the Kyckr Registry Portal and via the Kyckr API.
UBO DATA: This month sees the addition of five new Beneficial Ownership Reports to the Kyckr network; Austria, Denmark, Gibraltar, Luxembourg and Poland. These documents are available to order now via both the Kyckr Registry Portal and API and are sourced and delivered in real-time from the respective national beneficial ownership registers.
BRAZIL ENHANCED PROFILE: Launched this month, a new enhanced profile for Brazil, containing key registration information, share capital structure and company officials. The profile is available via both the Kyckr CORE API (provided in both machine-readable JSON form and PDF) and the Kyckr Registry Portal (provided in PDF form in the ‘company information’ section).
Corporate Registry News
Selected news and insight from the world of corporate registries.
HONG KONG | PROPOSAL TO RESTRICT REGISTRY ACCESS DRAWS IRE: The Hong Kong government has issued a proposal to restrict public viewing of the personal particulars of company directors in the ICRIS companies registry. Chief Executive Carrie Lam said the restriction was needed to prevent the ‘weaponisation’ of personal information, however the proposal has immediately come under fire, with Hong Kong’s largest journalists’ association demanding immediate withdrawal of the plan.
USA | BIDEN SEEKS ADDITIONAL FUNDS FOR FINCEN BENEFICIAL OWNERHSIP DATABASE: US President Joe Biden is seeking a $64 million increase in funding for FinCEN, to go towards the network’s efforts to implementation of a new beneficial ownership database. Fincen “is tasked with building a massive database that collects and secures beneficial ownership information, but Congress has not yet provided any funding to do it,” said Treasury Secretary Janet Yellen in a May hearing with lawmakers.
ITALY | UBO REGISTER DELAYED: Bad news for regulated entities operating in Italy: The Council of State has suspended the adoption of its opinion on the draft decree of the Ministry of Economy and Finance setting up and governing the functioning of the Italian register of ultimate beneficial owners, causing a further delay in its establishment. The council pointed our certain procedural and legislative shortcomings and invited the MEF to explain the reasons behind several choices in the decree. Nearly a year on from the end of the public consultation, the UBO register is yet to become effective…
(Editor’s note – Kyckr’s upcoming UBO Verify solution will, in the coming months, include the facility to perform ownership analysis in Italy, allowing you to calculate UBOs using live corporate registry data, even without the UBO register being live. Speak to your commercial manager to find out more.)
NETHERLANDS | DUTCH TRUST UBO REGISTER IN DRAFT STAGES: Back in April, a legislative proposal for the implementation of a ‘UBO-register’ for trusts was submitted to the Dutch parliament. The Trust register will be a publicly accessible register that contains certain personal information of ultimate beneficial owners (UBOs) of trusts and similar legal arrangements. The register will be administered as a separate register by the Dutch Chamber of Commerce; however, it is not yet known when this will go live.
HUNGARY | UBO REGISTER TO GO PUBLIC IN 2022: The Hungarian UBO register has been implemented as of May 22nd 2021. Entities are required to report their UBOs by June 12th 2021 and the register will be accessible to service providers (relating to screening obligations) in February 2022 and everybody (with legitimate interest) by July 2022.
That’s it for this quarter’s update – check back again for more news and insights next time!