China Central Bank Issues Order on Measures for Beneficial Ownership Information Management

The People’s Bank of China April 30 issued Order No. 3, on measures for beneficial ownership information management. The order includes measures to: 1) improve market transparency, sustain market and financial order, and prevent money laundering and terrorist financing activities; 2) specify what entities are subject to registration for beneficial ownership; 3) provide guidance on beneficial ownership information filing; 4) establish the conditions for an individual to be the beneficial owner of a registered entity; 5) impose penalties for noncompliance; and 6) define relevant terminology. [China, People’s Bank of China, 04/30/24]

Reference: View Order No. 3 of 2024. View ...