Saudi Arabia's Ministry of Commerce has announced the introduction of new beneficial ownership reporting requirements in connection with the country's new Commercial Registry system. The new requirements, which take effect on 3 April 2025, are aligned with Financial Action Task Force (FATF) guidelines. For the purpose of the new requirements, a beneficial owner is defined as a natural person who: directly or indirectly holds at least 25% of a company's capital; directly or indirectly controls at least 25% of a company's voting rights; has the ability to appoint or dismiss a company's director or the majority of its board members...