On Dec. 6, LBN FSA issued circular re beneficial ownership reporting.
LBN FSA issued circular on new requirement for beneficial ownership (BO) discrepancy reporting related to bank account openings, introducing a new validation mechanism for beneficial ownership information currently held in the PEARL BO registry platform.
Follows LBN FSA Mar. 2024 proposed guidelines re key reporting institutions, #206079.
Document dated Dec. 6, 2024, received from LBN FSA Dec. 14, summarized Dec. 17.
Overview of Requirements
Labuan banks must provide beneficial ownership information when submitting letter of information (LOI) confirmation requests; includes submitting BO data from due diligence process using template, concurrent submission with LOI confirmation request.
LBN FSA Registration of Companies Unit (ROC) will verify the submitted information, and the bank will subsequently be informed of the ROC verification outcome.
