The EU Directive and the Law on Prevention of Money Laundering and Terrorist Financing oblige legal entities to provide extensive information on ultimate beneficial owners. The provision of data in the ultimate beneficial owner subsystem JANGIS of the Legal Entities Stakeholders’ Information System (JADIS) presents business representatives with challenges due to the envisaged inflexible deadlines for the provision of information, and in case of failure to meet the deadlines there is a risk of facing a restriction of banking services.
Lewben’s team of experts has thoroughly studied the requirements of the JANGIS subsystem and closely monitors the process of its improvement, so they see the difficulties faced by companies in providing data on their ultimate beneficial owners. In particular, there are many obstacles for organizations with a complex shareholder structure, which are indirectly managed by foreign citizens. Due to the wide scope of data to be provided and the limitations of the system, legal entities do not always manage to register and confirm data independently. Consultations provided by an external partner can help to identify natural persons who are indirectly involved in the management of the company, and whose data must be provided in accordance with the procedure established by law.
In order to fulfil the obligation to provide data on ultimate beneficial owners of legal entities registered in Lithuania by 1 August 2022, it is worth considering entrusting this service to external partners who are familiar with the legislation regulating this process and have already accumulated knowledge about the functionality of the JANGIS subsystem. Lewben professionals both advise and help clients to meet the requirements of the Law on Prevention of Money Laundering and Terrorist Financing. This is an effective way to ensure that banks, when fulfilling their obligation to check the compliance of the information provided by customers with the information registered on JANGIS, do not face inconsistencies that may lead to restrictions on financial transactions, since if the JANGIS subsystem does not contain and fail to provide the required information, it will not be possible to obtain the obligatory excerpt from JANGIS to submit to banks.