Dear Clients,
We would like to remind you that, under the Serbian Law on the Central Register of Beneficial Owners (hereinafter: the “Law”), registered entities are required to annually verify and confirm the accuracy and up-to-date status of their beneficial ownership information recorded in the Central Register, provided that no changes have occurred.
The annual verification period is calculated from the date of the last registration or confirmation of the beneficial ownership information, and the confirmation must be completed within the following 30 days.
Where a change in the beneficial owner, ownership structure or other circumstances relevant to the determination of the beneficial owner has occurred, the relevant information must be updated in the Central Register, together with the appropriate supporting documentation, within 30 days of the change. The annual verification requirement does not replace or postpone this obligation.
Failure to comply with the annual verification requirement constitutes a misdemeanour and may result in monetary penalties for both the registered entity and the responsible person.
We therefore recommend that you check the date of the last registration or confirmation of the beneficial ownership information and ensure that the information and supporting documentation currently recorded in the Central Register are accurate and up to date.
Should you require any assistance with the verification or updating of beneficial ownership information, or with any other matter relating to compliance with the Law, please do not hesitate to contact us.
Annual obligation to verify registered beneficial ownership information in the Central Register of Beneficial Owners
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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