Applicants must demonstrate their final recipients during the licensing process.
According to the official KRAIL website, a recent amendment to the March 2021 decree is underway. Let's delve into the changes and what this means for potential gambling license applicants.
Under the revised norms, companies applying for a gambling license in Ukraine are required to divulge information about their company's ownership structure to KRAIL. This aligns with the law, "On the Prevention and Counteraction of Legalization (Laundering) of Proceeds from Crime, Terrorism Financing, and the Financing of the Spread of Weapons of Mass Destruction."
To comply with these regulations, applicants must reveal all direct and indirect owners, including those exerting significant influence on the company. Additionally, they must identify ultimate beneficial owners, a separate requirement enforced by KRAIL.
A Closer Look at Ownership Disclosure
While specific updates on the amended KRAIL decree in relation to ownership disclosure for gambling license applicants in Ukraine are yet to be unearthed, I can share some general insights into what such requirements might entail based on typical anti-money laundering (AML) regulations and ownership disclosure practices in similar contexts.
- Identification of Beneficial Owners: Applicants should be prepared to identify and disclose all beneficial owners, who are individuals who own or control more than a certain percentage of the company (usually 10% or more).
- Documentation: Detailed documentation, including identification documents, proof of address, and sometimes financial records, is typically required for each beneficial owner.
- Structure Disclosure: A clear outline of the company’s ownership structure, including any complex layers such as holding companies or trusts, must be provided.
- Background Checks: Beneficial owners may undergo background checks to ensure they are not involved in any illicit activities.
As always, if you are seeking detailed information on the amended KRAIL decree or specific updates to Ukrainian gambling regulations, consulting Ukrainian legal resources or regulatory bodies would be advisable. They can provide the most accurate and up-to-date information on current requirements and any changes resulting from recent legislative amendments.
Remember, transparency and cooperation with regulatory bodies are key to a successful application process. By following the revised KRAIL decree, you'll be contributing to a safer, more regulated gambling market in Ukraine.
Stay informed and good luck with your application!
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- The revised KRAIL decree demands gambling license applicants in Ukraine to disclose detailed information about their company's ownership structure.
- Applicants must reveal direct, indirect, and beneficial owners, as well as those exerting significant influence on the company.
- To comply with anti-money laundering regulations, applicants need to provide identification documents, proof of address, and sometimes financial records for each beneficial owner.
- A clear outline of the company’s ownership structure, including any complex layers like holding companies or trusts, should be provided to KRAIL.
- Beneficial owners may undergo background checks to ensure they are not engaged in any illicit activities, a crucial part of the updated KRAIL policy-and-legislation.
