12 Identifying registrable beneficial owners [12 Duty to take steps to obtain information]
Economic Crime (Transparency and Enforcement) Act 2022 (2022 c 10) | Legislation

Obtaining, updating and verifying information

12  Identifying registrable beneficial owners [12 Duty to take steps to obtain information]

(1)ÌýÌýÌýÌý An overseas entity must comply with this section before—

(a)ÌýÌýÌýÌý making an application under section 4 for registration;

(b)ÌýÌýÌýÌý complying with the updating duty under section 7;

(c)ÌýÌýÌýÌý making an application under section 9 for removal.

(2)ÌýÌýÌýÌý The overseas entity must take reasonable steps—

(a)ÌýÌýÌýÌý to identify any registrable beneficial owners in relation to the entity, and

(b)ÌýÌýÌýÌý if it identifies any, to obtain, for the purposes of the application under section 4 or 9 or for the purposes of complying with the updating duty under section 7—

(i)ÌýÌýÌýÌý the required information about each registrable beneficial owner, and

(ii)ÌýÌýÌýÌý in respect of any registrable beneficial owner who is a trustee, the required information about the trust.

(3)ÌýÌýÌýÌý The steps that an overseas entity must take include giving an information notice under this section to any person that it knows, or

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