179-14 Removal of Ultimate Beneficial Owner

(1) Where the Registrar of Companies is notified or becomes aware that an Ultimate Beneficial Owner of a Relevant Person is:

• (a) the subject of a sanction imposed by any:

(i) government;

(ii) entity that is a representative, constituent part or extension of a sovereign state or political subdivision thereof; or

(iii) entity that is established under international law or the laws of any two (2) or more sovereign states; or

• (b) involved or has been involved in any proceedings that are law enforcement related or criminal, civil, regulatory, tax or administrative in nature, and the Registrar of Companies considers that having such a Person as an Ultimate Beneficial Owner of a Relevant Person in the AIFC is:
• (c) contrary to the law of Kazakhstan or any other Legislation administered by the Registrar of Companies; or
• (d) prejudicial to the interests of the AIFC, the Registrar of Companies may, by Written notice, require the Relevant Person to remove such a Person as an Ultimate Beneficial Owner of the Relevant Person within the time specified in the notice to the extent permissible by law, and require the steps sets out in section 59(4) (Rights of Public Company to request information about interests in its Shares) to be taken in respect of any shares in the share capital of the Relevant Person in which such a Person has an interest.

(2) Contravention of subsection (1) is punishable by a fine.

179-15 Strike off

If a Relevant Person Fails to comply with a requirement of this Part 14-1 (Ultimate Beneficial Ownership) or notice thereunder, the Registrar of Companies may, after following any relevant procedures set out in these Regulations, strike the Relevant Person off the Register.