In Lithuania, the mandatory registration of ultimate beneficial owners (UBOs) has been made even easier with the introduction of the JANGIS platform. This platform is a centralized database for registering and managing UBO information, making it easier for companies to comply with the registration requirement. In this article, we will discuss what the mandatory registration of UBOs in JANGIS entails and how it benefits companies.

What is JANGIS?

JANGIS is an online platform developed by the State Enterprise Centre of Registers in Lithuania. The platform is designed to simplify the process of registering and managing UBO information. It is a centralized database that allows companies to submit, update, and access UBO information quickly and easily.

What is the mandatory registration of UBOs in JANGIS?

The mandatory registration of UBOs in JANGIS requires companies to identify and register their UBOs with the Lithuanian Register of Legal Entities. The information about UBOs that must be registered includes their name, date of birth, nationality, country of residence, and details of their ownership or control of the company.

The registration requirement applies to all types of legal entities registered in Lithuania, including companies, partnerships, and sole traders. The information must be kept up-to-date and any changes to the UBO information must be registered within 14 days.

How does JANGIS benefit companies?

JANGIS benefits companies in several ways. Firstly, it simplifies the process of registering and managing UBO information. The platform is easy to use and allows companies to submit, update, and access UBO information quickly and easily.

Secondly, JANGIS provides a centralized database for UBO information, making it easier for companies to comply with the registration requirement. By having a centralized database, companies can ensure that their UBO information is accurate, up-to-date, and easily accessible.

Finally, JANGIS provides an added layer of security for UBO information. The platform is designed to be secure and protects UBO information from unauthorized access. This helps to ensure that UBO information is kept confidential and is only accessible to authorized personnel.

In conclusion, the mandatory registration of UBOs in JANGIS is an important measure to increase transparency and prevent financial crimes. The platform simplifies the process of registering and managing UBO information, making it easier for companies to comply with the registration requirement. JANGIS also provides a centralized database for UBO information, making it easier for companies to ensure that their UBO information is accurate and up-to-date. Overall, JANGIS is a valuable tool for companies looking to comply with the mandatory registration of UBOs in Lithuania.