The Ministry of Commerce amended the procedures for identifying the beneficial owner

Ministerial Decision No. 156 of 2026 mandates the replacement of certain provisions in Articles 8, 9, and 11 of the previous decision. It obligates legal persons to maintain detailed records of each beneficial owner in a dedicated registry, to be established within a period not exceeding 15 days from the date of implementation of the decision or from the date the legal person was established.

The decision further requires legal persons to update the beneficial owner registry and record any changes to the data within 15 days of becoming aware of such changes, or from the date they should have become aware of them.

Managers or board members acting in such capacity must notify the legal person of their status as nominal members and provide the required data within 15 days of acquiring this status. Those who acquired this status prior to the publication of the decision must notify the legal person within 15 days of the decision’s publication.

Additionally, the decision obligates legal persons to submit their beneficial owner registry and partner or shareholder registry to the competent registry within 15 days from the date of implementation of the decision or from the date of licensing and registration of the legal person, while taking necessary measures to preserve the records against damage, loss, or destruction.

The Ministry of Commerce confirmed that the decision takes effect from its issuance date on July 30, 2026, and will be published in the Official Gazette, with all relevant officials tasked with its implementation according to their respective responsibilities.

Previously, the Ministry had launched a mechanism within its systems to report inaccuracies in beneficial owner data, accessible at the individual level as well as by regulatory and law enforcement authorities.