Directive providing for mandatory identification of ultimate beneficiary owner of companies comes into force

  • Directive 57 of the Financial Analysis Unit requires companies to file a statement allowing for the identification of their beneficiaries. On September 11, 2017, Directive 57 of the Financial Analysis Unit came into force, requiring certain persons governed by Law 19913 to identify, verify and record data on the ultimate beneficiary owners of bodies corporate and legal structures.

    This regulation requires those persons to require their customers – bodies corporate or legal structures – to file a statement with sufficient identification data on their ultimate beneficiary owners.

    The full Spanish text can be read on the webpage of the Financial Analysis Unit at

    What individuals are considered ultimate beneficiary owners?

    • Those who own a direct or indirect interest of 10% or more of capital or voting rights.
    • Those who, while lacking such percentage interest, exercise actual control in decision-making

    Who is bound by this?

    • Banks and financial institutions
    • Foreign banks’ representative offices
    • Factoring companies
    • Securitization companies
    • Financial leasing companies
    • General fund managers
    • Companies managing private equity funds
    • Securities and commodities exchanges
    • Exchange brokers
    • Securities brokers
    • Insurance companies
    • Mutual fund managers
    • Futures and options market traders
    • Securities deposit companies
    • Exchange houses and other companies authorized to receive foreign currency
    • Issuers or operators of credit cards, reserve payment cards or any other system similar to those means of payment
    • Savings & loans associations.

    Casas de cambio y otras empresas facultadas para recibir moneda extranjera

  • Emisoras u operadoras de tarjetas de crédito, tarjetas de pago con provisión de fondos o cualquier otro sistema similar a los referidos medios de pago
  • Cooperativas de ahorro y crédito.