REPORTING A BENEFICIAL OWNER
The Law on State Registration of a Legal Entity and the Law on Combating Money Laundering and Terrorism Financing of Mongolia was amended on 26 April 2018.
Under these amendments, all legal entities are obliged to report their beneficial ownership to the Registration Office within January 31, 2021.
According to paragraph 3.1.6 of Law on Combating Money Laundering and Terrorism Financing of Mongolia “beneficial owner” means
1. Ownership interest solely or jointly with others or holds a management function of s the legal entity’s or represented by other persons or ultimately owns the legal entity earning benefit and profit by exercising control of the legal entity and its arrangement;
2. If a customer is an individual then a person who controls customers’ action activity or represented by this persons who benefiting from it;
3. As for a legal arrangement, a person who earns benefit or profit by exercising ultimate effective control over the legal arrangement.
All legal entities are required to provide State Registration Office with the information of beneficial owners according to Article 10.1.14 of Law on State Registration of a Legal Entity.
State Registration Office requires to fill out a form named UB-12.
Source:
1. The Law on State Registration of a Legal Entity
2. The Law on Combating Money Laundering and Terrorism Financing of Mongolia