BRAZIL - Ultimate Beneficial Owners ("UBO")
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Further to the obligation imposed by Normative Ruling IRS Nº 1,634/2016, the final deadline to submit information regarding Ultimate Beneficial Owners ("UBO") of international chain of investments with assets in Brazil, shall be complied with by December 31, 2018 latest. |
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The information shall include persons authorized to represent them, as well as the investment chain up to the UBO (the natural person who, directly or indirectly, owns, controls or significantly influences the entity or in whose name a transaction is carried out). |
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Foreign entities that are obliged to disclose the UBO and do not provide the corresponding information in due time could be prevented from transacting with financial institutions, including investments and general use of their bank accounts. |
