On 29 April 2022, new functionalities were introduced to the CRBR system. Now, it will be possible to enter more than one citizenship of a beneficial owner as it is a statutory requirement to provide all citizenships of a beneficial owner.
On 29 April, the CRBR system was updated and now enables to enter all citizenships of a beneficial owner. This has been one of the most important changes to the system. Besides, a dedicated version of a form for trusts was adapted and the options of a “report a discrepancy” module were extended.
The new functionality of the CRBR system provides also for a new electronic document form. This means that notifications saved in XML files according to the previous template which was in force until 29 April 2022, can no longer be downloaded to the system.
As mentioned above, the most important update of the system added the possibility to disclose all citizenships of a beneficial owner. It is worth adding that the obligation to notify all citizenships was introduced by an amendment to the AML Act in October 2021.
According to the regulations, all citizenships of a beneficial owner should be supplemented by 30 April 2022. However, so far, the CRBR system had no functionality to do it. It was only added as part of the above-mentioned update of the system on 29 April, 2022, which made it possible to enter all citizenships of a beneficial owner.
The Central Register of Beneficial Owners (CRBR) is an ICT system used to collect and process information about beneficial owners of entities and information about persons authorized to submit notifications to the CRBR, listed in the AML Act of 1 March 2018.
TGC provides support in identifying beneficial owners and submitting notifications to the Central Register of Beneficial Owners (CRBR).