Saudi Chambers Union warns businesses over real beneficiary disclosure violations

The Saudi Chambers Union has emphasized the importance of businesses complying with real beneficiary disclosure regulations, starting with providing accurate and up-to-date information, maintaining records, and disclosing them within the specified timeframes.

The Union also stressed the need for cooperation with the Ministry of Commerce when requested to provide information and documents related to the real beneficiary, noting that adherence to these rules enhances transparency in the private sector.

Key violations related to disclosure

• Failure to disclose sufficient, accurate, and updated information about the real beneficiary within the required period.

• Failure to update disclosed information within the specified timeframe.

• Failure to obtain, record, or maintain sufficient, accurate, and updated information about the real beneficiary in a dedicated register.

• Failure to provide real beneficiary information to financial institutions or designated non-financial businesses and professions.

• Failure to cooperate with the Ministry of Commerce in providing documents, information, or responding to requests within the required timeframe.

  View the post on X

The Union further stressed the importance of businesses adhering to all regulatory instructions to avoid violations and ensure smooth business operations.