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 DOCUMENTS AND DATA EXTRACTION
In August we added a much-requested document to our network - German UBO declarations from the Transparenzregister - but this time we have gone one better, and extracted the information from this document into structured data.
Following on from our work to extra information from PDF documents into structured data in the Cayman Islands and Ireland, we have released this capability for two further documents, focusing on Ultimate Beneficial Owners. Customers who purchase UBO declarations in Germany and the Netherlands via API will now also receive a link to structured data that can be used to automate workflows and data ingress.
BELGIUM ENHANCED PROFILE AVAILABLE
Always looking to improve our coverage, we have implemented an enhanced profile for Belgian companies. This profile will include capital, director and shareholder data where available, and is live on our network now.
POLAND
We have recently significantly improved our access to the KRS register in Poland, and are able to offer a lite profile again. We hope to add an enhanced profile in the future.
Corporate Registry News
Selected news and insight from the world of corporate registries.
UNITED STATES | FINCEN FINALIZES BENEFICIAL OWNERSHIP REPORTING RULES
In the US FinCEN have published the much-anticipated ‘Final Rule’ which will govern UBO reporting in the US. The good news is that things are moving in the right direction – but don’t hold your breath, as most companies will have until 2025 to comply, and that deadline is dependent on FinCEN receiving adequate funding to build the database that will house the information.
HONG KONG | COMPANIES REGISTER TO WITHHOLD FURTHER DIRECTOR INFORMATION
The Hong Kong Companies Registry is continuing its roll-out of measures to protect the personal information of company directors, allowing companies to withhold residential addresses and ID numbers of company directors and secretaries. This ‘protected information’ will still need to be supplied to the registry, but will not be available for public inspection.
UNITED KINGDOM | GOVERNMENT LEGISLATES TO CRACK DOWN ON DIRTY MONEY
The British Government has tabled legislation to require identity verification for anyone registering a company, amongst other changes designed to combat fraud and money laundering, and increase transparency, including of troublesome Scottish Limited Partnerships. Some commentators are unimpressed with the promises made.
GHANA | NEW REGISTRAR OF COMPANIES INAUGURATED
The President in Ghana has officially launched the new Office of the Registrar of Companies, split from the Registrar General’s Department. The autonomous body will now be in charge of the registration of entities in Ghana including corporations, NGOs and foreign companies. Time will tell if this leads to greater digitalization and transparency as the work transitions from the RGD, but meanwhile, Kyckr can still provide information on Ghanaian companies as previously.
MYANMAR | JUNTA RESTRICTS REGISTRY ACCESS
In a reminder of the importance of corporate transparency in fighting governmental corruption, the military junta in Myanmar has restricted access to the corporate register, having previously jailed individuals who campaign for responsible business and corporate transparency.
SOUTH SUDAN | LACK OF TRANSPARENCY ALLOWS LOSS OF $1BN IN AID
After a 3-year investigation by advocacy group The Sentry, it was reported that up to one billion dollars of credit has essentially disappeared instead of being spent on essential pharmaceuticals, food and fuel. The lack of a public corporate register in the country enabled the corruption, and hindered its investigation.
INDIA | CRACKDOWN ON CHINESE SHELL COMPANIES IN FRAUD INVESTIGATION
In India, the MCA has been involved in the raids of the headquarters of numerous Chinese shell companies, and arrested the ‘mastermind’ who is accused of fraud and forgery. The organization has allegedly been providing fake directors for hundreds of Chinese shell companies.
That’s it for this quarter’s update – check back again for more news and insight 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 product@kyckr.com or contact your Kyckr commercial manager.
