The People’s Bank of China (“PBOC”), in conjunction with the State Administration for Market Supervision (“SAMS”), has issued the Measures for the Administration of Beneficial Ownership Information (“Measures”), which will come into effect on November 1, 2024, based on the objectives of enhancing market transparency, maintaining market and financial order, and preventing and curbing money laundering or terrorist financing activities.
Entities established after November 1, 2024 must submit an application within 30 days of the date of establishment, but entities established before that date have until November 1, 2025 to complete the compliance process. For FIEs, this obligation is in addition to their existing “ultimate beneficial owner” information reporting obligations.
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Source: 信傳媒( https://www.cmmedia.com.tw/home/articles/48862 )
