On September 29, 2022 the President of Ukraine signed the Law of Ukraine “On Amendments to Certain Laws of Ukraine on Simplifying the Procedure for Submitting Information Required for Financial Monitoring” dated September 06, 2022 No. 2571-IX (draft law No. 6320).

The law will enter into force 3 months after its publication, that is on 29.12.2022.

Law No. 2571-IX does the following:

• introduces electronic submission of information on final beneficial owners of legal entities to the register without queues;

• cancels the requirement to notarize copies of documents submitted to confirm the identity of the Ultimate Beneficiary Owners or UBOs;

• reduces the number of cases in which legal entities must submit relevant information during registration actions;

• specifies the procedure by which legal entities must provide information about the UBOs.

We would also like to remind that the President of Ukraine submitted draft law No. 6321 for consideration by the state body. It initiates the administrative liability of the head of a legal entity or a person authorized to act on behalf of a legal entity/executive body, in the form of a fine of approximately 17,000-51,000 UAH.

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