Saudi Arabia tightens requirements
According to media sources, all companies in Saudi Arabia are now required to submit beneficial ownership information to the Ministry of Commerce, with the exception of publicly listed companies. Previously, this obligation applied only to financial institutions and public companies. This new step is part of the broader "Vision 2030" national transformation plan aimed at enhancing business transparency.
The United States moves in the opposite direction
The U.S. Department of the Treasury has announced that domestic companies will be exempt from liability for failing to report beneficial ownership information to FinCEN. Moreover, the reporting obligation itself will now primarily apply to foreign entities operating in the U.S. It is important to note that companies whose beneficial owners are exclusively U.S. citizens — along with all domestic entities — are now exempt from these requirements.
Despite these changes, businesses are still required to disclose beneficial ownership information to banks and other financial institutions under KYC and AML regulations. Thus, in practice, there is currently no strong reason to restructure business holdings or switch jurisdictions solely based on these developments.
What’s happening globally?
The world is splitting: some countries are tightening controls, while others are opting for liberalization.
It is crucial for businesses — especially those with multi-jurisdictional structures — to closely monitor these changes.
