Welcome to Kyckr’s Quarterly Registry Update. In this newsletter, 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.
Kyckr Network Updates
A list of enhancements, new documents and data points available to order on the Kyckr registry network.
UBO DATA: Another 6 UBO documents were added to the Kyckr network this month, bringing the total available to 12. The full list of jurisdictions is Luxembourg, Ireland, Austria, Gibraltar, Denmark, Malta, Estonia, France, Czech Republic, Poland, Slovenia and Latvia. These documents are available to order now via both the Kyckr Portal and API and are sourced and delivered in real-time, from the respective national beneficial ownership registers.
NEW ENHANCED PROFILES IN DENMARK, NORWAY AND FRANCE: Our constant programme of improvements to registry data included three new enhanced profiles, which are now live for the following jurisdictions. These profiles are available in both JSON/XML (via API) and PDF and are structured in real-time into Kyckr’s data model, making them easy to ingest into KYC workflow systems.
- Denmark has a new Enhanced Profile, which includes full details of Directors and Shareholders in addition to registration information
- France now benefits from Directors and Shareholders, along with improved company details
- Norway‘s Enhanced Profile now has Directors and improved company details.
CHINA ENHANCED PROFILE NOW PROVIDED IN ENGLISH: On the back of significant customer demand, we have begun offering our China Enhanced Profile translated in English. All information that was previously displayed in Mandarin is now shown in Pinyin, with English translation where relevant, including activities, Director titles, and Shareholder types. A non-translated report is also still available to order via the Kyckr API and Portal.
Corporate Registry News
Selected news and insight from the world of corporate registries.
PANDORA PAPERS | LEAK REVEALS EXTENT OF SHELL COMPANY USAGE
A huge cache of leaked documents reveals the extent to which high net worth individuals use shell companies to avoid taxation and scrutiny – both legitimately and illegitimately. Look out for other analysis and coverage of this from Kyckr.
UNITED KINGDDOM | PSC REGISTRATION ALONE FAILS TO FLAG MONEY LAUNDERING
Nearly €36 million were “accumulated” in the bank accounts of a single Scottish limited partnership. SLP entities require no routine accounts to be filed and partners do not need to pay UK tax. Since 2017 they have had to declare a beneficial owner, or “person of significant control” (PSC), but Britain’s corporate registry, Companies House, is not in a position to verify these. Transparency International has described SLPs as “the go-to money laundering vehicle for criminals in former Soviet states”.
UNITED KINGDOM | LAX STANDARDS AT COMPANIES HOUSE UNDERLINE NEED FOR DILIGENT SCREENING
One notable company officer in the UK, now resigned, is called Jesus, Holy Christ. He gave his residence as Heaven, nationality as Angelic and occupation as creator. As amusing as the entry is on the UK’s official corporate register (the company has since been dissolved), it underscores the seriousness of poor data verification at Companies House. Such laxity enables financial crime.
CAYMAN ISLANDS | MINISTRY OF FINANCIAL SERVICES LAUNCHES CONSULTATION ON UBO REPORTING
The public is being invited to comment on the government’s proposals to reshape the Cayman Islands’ beneficial ownership legislation into a single law to make it more effective in fighting crime and to pave the way to meet the forthcoming changes to the regime, which is expected to lift the lid on who really owns what in the world of international finance.
IRELAND | UBO REGISTRATION DEADLINE FOR TRUSTS LOOMS
In line with EU AML legislation, Trusts registered within Ireland will be required to register their Beneficial Owners by 23rd October.
DUBAI | REGULATOR CRACKS DOWN ON UBO COMPLIANCE
The Commercial Compliance and Consumer Protection (CCCP) Sector in Dubai Economy has imposed fines on 148 companies in the emirate that did not register their Beneficial Owner data by 30th June 2021 as was required by law.
GERMANY | LEGISLATORS TIGHTEN REQUIREMENTS FOR UBO REGISTRATION
The recent reform of the German transparency register affects almost all companies in Germany and greatly expands the reporting obligations for German entities. A violation of the reporting obligation could trigger fines. Transition periods until the end of 2022 are in the law, as described below, but they do not apply to newly established entities.
MALTA | MALTA REAFFIRMS COMMITMENT TO FATF ACTION PLAN
The Financial Action Task Force (FATF) has highlighted three points, which Malta must fulfil in order to move off the grey list of financial jurisdictions. Malta will work to implement its FATF action plan by continuing to demonstrate that beneficial ownership information is accurate and that sanctions are applied if information provided is found to be inaccurate.
That’s it for this quarter’s update – check back again for more news and insights next time!
As always, your feedback and questions are important to us. To ask a question or find out more information about the contents of this newsletter, please email email@example.com or contact your Kyckr commercial manager.