Beneficial Ownership Registries are directories that list the ultimate, natural owners of assets. These registries address the problem of understanding who happens to own, control, and influence a large asset, namely a company or a property. Oftentimes, criminals are known to secretly own or control shares in companies where they use these entities to launder stolen money. As of March 2024, there are 149 countries worldwide that have committed to beneficial ownership registries, and there are also global standards for beneficial ownership collection and disclosure set by the Financial Action Task Force to which countries must adhere. As beneficial ownership registries have a principal aim to combat money laundering, fraud, and terrorist financing, countries are requiring that information must be accurate, adequate, and timely for access by competent authorities (e.g., Financial Intelligence Units or FIUs) and law enforcement.

The table below provides a comparison of features for beneficial ownership disclosure regimes across G7 countries: The United Kingdom (UK), Germany, France, Italy, the United States (US), Japan, and Canada.

Legend

N/A: Not Applicable/Available.

TBD: To Be Determined.

In progress: Policy/Legislative commitments have been enacted and awaiting implementation. 

Legitimate interest: Prospective users are required to prove to the registrar they have a legitimate interest to be able to search the registry and access data. Legitimate interest criteria vary according to each jurisdiction.

Country Profiles

United Kingdom

In 2016, The UK was the first amongst the G7 to launch the Persons of Significant Control (PSC) register system. This registry requires companies to report individuals who own or control more than 25% of the company's shares or voting rights, or who otherwise exercise significant influence or control over the company or its management. The PSC register is publicly available and searchable at no cost through Companies House. Law enforcement and competent authorities can access detailed information from the registry. ID verification requirements for directors are currently being implemented.9

Germany

In 2017, Germany's Transparency Register operated on a "need-to-know" basis, where information was available only to certain authorities and people with a legitimate interest. As of 2021, amendments aligned with the EU's Fifth Anti-Money Laundering Directive (5AMLD) have made the register searchable by those with legitimate interest and with a fee structure for access. Corporate entities, trusts, and entities that own real estate must report their beneficial owners, defined as those holding more than 25% of the capital or voting rights. 10

France

In 2017, France made corporate beneficial ownership information available in its National Institute for Industrial Property (INPI) publicly accessible, searchable, and free of cost. As of 2023, the French Government maintained its information in the INPI system shall remain publicly accessible due to national security interests, despite the European Court of Justice (CJEU) ruling that public access to beneficial ownership information infringes upon EU privacy rights. 11

Italy

As of 2023, Italy launched its national beneficial ownership registry, requiring companies and trusts to report beneficial ownership information to the Italian Ultimate Beneficial Ownership Registry. The information will be accessible to law enforcement, and competent authorities. Public access can be granted upon request to stakeholders with a proven interest. 12

United States

In 2021, Congress enacted the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act. The CTA mandates the creation of a beneficial ownership registry that is managed by the Financial Crimes Enforcement Network (FinCEN). Companies are required to disclose beneficial owners (those owning 25% or more of the company or exerting significant control) to FinCEN. The registry has access limited to only law enforcement, competent authorities, and financial institutions. There is also a basic ID verification requirement where companies must submit ID numbers from government-issued identity documents to FinCEN. 13

Japan

As of 2022, Japan introduced the Legal Persons List System where companies can request commercial registry offices to safely hold beneficial ownership records. The commercial registry offices can submit certificates for any/all due diligence requests. 14 Additionally, Japanese stock companies are required to send information about beneficial owners to notaries, who in turn, verify that the beneficiaries are not members of organized crime or terrorist networks. 15

Canada

As of January 2024, The Government of Canada launched the Individuals of Significant Control Registry (ISC) for federal corporations. Canada’s registry is publicly accessible, searchable, and free of cost. More detailed information about beneficial owners is available to law enforcement and tax authorities upon request. 16 Canada’s provinces and territories are currently in discussions with the federal government regarding a centralized approach to collecting beneficial ownership information in a harmonized manner.

Never miss an update—subscribe below to get the latest Athennian features and product insights as soon as they launch.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Coworkers looking at a tablet

Talk to an expert.

Data migration doesn't have to hold you back. Let's talk about what's right for your team.
Request Pricing

"Very easy to use, modern interface, excellent support. Athennian has an amazing conversion team. They helped us migrate all of our data and the training was very good."

Megan W, Director

Cloud-based entity & subsidiary management platform
Paper Interactive, Inc. 2024. "Athennian" is a registered trademark of Paper Interactive, Inc. in the United States, Canada and other countries. All rights reserved.