News & Blog

Quarterly Registry Update – June 2021

Quarterly Update
June 20, 2021

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 product@kyckr.com 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 OWNERSHIP 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 May 2021. Entities are required to report their UBOs by nd 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!  

Quarterly Update
June 20, 2021

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 product@kyckr.com 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 OWNERSHIP 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 May 2021. Entities are required to report their UBOs by nd 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!  

Build your Customer Due Diligence and KYC processes on a robust foundation with Kyckr.

Make data work smarter, not harder.

Request a Demo
Newsletter Sign Up
Book a Demo
Talk to us
LinkedIninfo@kyckr.com
Close
23Q3_ALL_WEB_23.02_Signup_FORM
23Q2_ALL_WEB_14.12_KYC_VS_KYB_Webinar_Replay_FORM
23Q2_ALL_CONF_07.12_AFCSummit_BookAMeeting
23Q2_ALL_WEB_14.12_KYC_VS_KYB_SIGNUP_FORM
Webinar: Spotlight on KYC vs KYB - Why The Difference Is Increasingly Important For Verification
23Q2_ALL_WEB_17.11_Corporate_KYC_Landscape_ReplayRequest
23Q2_ALL_WEB_27.10_Corporate_KYC_Landscape_FINAL_FORM
Whitepaper: AML Bank Fines 2022 Mid-Year Report
Research Paper: The State of Customer Onboarding in Corporate Banking in Australia 2022
Registry Portal Pro
Registry Portal Basic
Registry Portal Essentials
Request API Key
Newsletter Signup
Whitepaper: AML Fines Report 2021
Ebook: The Future Of Financial Crime
Research Paper: Voice of the KYC Compliance Professional
Whitepaper: Corporate Onboarding: will it become a competitive differentiator for banks in a real-time world?
Research Paper: The State of Customer Onboarding in Corporate Banking
Whitepaper: Overcoming the Limitations of Company Registries to Enhance KYC Efficiency
Whitepaper: AML Bank Fines 2020 Report
Whitepaper: Impact of the European Union’s 5th AML Directive
Leverage cutting edge technology to automate customer onboarding
Moving from Periodic to Perpetual KYC
Unleash the power of primary source data & automate customer onboarding
Primary source data, the true foundation of regulatory compliance for Legal Firms
Primary-source data, the backbone of streamlined, “zero-touch” onboarding for Payment Providers
Spotlight on company registries in the wake of the FinCen Papers
Spotlight on US Company Registries
Spotlight on Ultimate Beneficial Ownership
Spotlight on APAC Company Registries
Spotlight on Company Registries in Offshore Jurisdictions
How can automation enhance your KYC and Onboarding Process?
Perpetual KYC – a myth or a must?
Spotlight on 2021 AML Fines
How to Future-Proof your AML/KYC processes with the help of RegTechs?
Webinar Replay: How to overcome the challenges associated with UBOs?
Spotlight On Entry Verification
Registry Portal Enterprise
AMLFines_ReplayRequest_FORM
Replay
Webinar Replay
Book A Demo