China (CN)

Jurisdiction Overview

IDQuestionAnswer
472 *LO Update: Is the update of information on the identity of legal owners mandatory? No, because bearer shares are available/circulating/not registered with a public authority (see below).
 Data Date: 2019

Notes

 
The Global Forum reports: "Limited liability companies and joint stock companies are obliged to complete alteration registration with the SAIC when there are any changes to the information they originally registered (ARCR Art. 26).[ [...] In the event of a share transfer, both publicly-listed and private joint stock companies are obliged to register the shares transferred as well as identity information of buyers, including names, addresses, identity document numbers, with China’s Securities Depositary and Settlement Centre (or local depositary centres) upon the share transfer [...]" (GF 2013: 29). However, given that bearer shares are not registered, it is not possible to identify all legal owners.

Sources

GF 2013: 29, 38
 
FATF 2019: 228-229