Key novelties of the Law of the Central Register of Ultimate Beneficial Owners

14.05.2025.

In March 2025, the National Assembly of the Republic of Serbia adopted a new Law on the Central Register of Ultimate Beneficial Owners, the provisions of which will mostly come into effect on September 14, 2026. This law aims to increase business transparency and prevent abuses in the financial sector, particularly in the areas of anti-money laundering and counter-terrorism financing.

Key novelties of the Law:

Extended deadline for registration: The deadline for registering an ultimate beneficial owner has been extended from 15 to 30 days from the date the obligation arises. The authorized person is required to enter the data into the central register no later than 30 days from the date the obligation for registration arises.
Mandatory document submission: When registering, the authorized person is required to upload documents that establish the identity of the ultimate beneficial owner, as well as identification documents of the beneficial owners who are natural persons (e.g., passport or ID card).
Annual data verification obligation: All legal entities in Serbia are required to verify the accuracy and timeliness of the registered data on their ultimate beneficial owners within one year from the date of the last registration or the last confirmation of data accuracy and timeliness. Within a further 30 days, they must confirm the accuracy and timeliness of the registered data.
Penal provisions: Failure to register an ultimate beneficial owner or submitting false information is punishable by imprisonment from six months to five years, as well as protective measures such as prohibition of business activities for legal entities and prohibition of performing certain duties for responsible individuals, lasting from six months to three years. Legal entities that fail to register the data or provide the necessary documents within 30 days will face fines ranging from 500,000 to 2,000,000 dinars, while responsible individuals may be fined between 50,000 and 150,000 dinars.

This law represents a significant step toward improving the business environment in Serbia, increasing investor confidence, and aligning with European standards in the fight against financial crime.

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