Latvia UBO Register: New Requirements for 2026

Latvia’s beneficial ownership register is changing in 2026. On 3 December 2025, the Saeima adopted amendments to the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (AML Law). As a result, companies with entities in Latvia must now disclose more detailed information about their ultimate beneficial owners (UBOs). They must also prepare for a series of staggered compliance deadlines running through to the end of the year.

What Is Latvia’s UBO Register?

Latvia’s UBO register forms part of the Register of Enterprises of the Republic of Latvia. The Register has collected beneficial ownership information since December 2017. The AML Law governs it and transposes the EU’s Anti-Money Laundering Directives into Latvian law.

All private legal entities in Latvia must identify, record, and keep up-to-date information about their UBOs. This obligation covers commercial companies such as SIA (limited liability companies) and AS (joint-stock companies). It also extends to associations, foundations, cooperatives, and branches or representative offices of foreign entities. Notably, the Register of Enterprises interprets any exemption for publicly listed companies very strictly.

Latvia has maintained a high level of transparency in this area. In 2022, the Court of Justice of the European Union (CJEU) ended mandatory public access to beneficial ownership registers across the EU. Nevertheless, Latvia chose to keep its register publicly accessible. Anyone can view current UBO data free of charge through the Register of Enterprises portal.

What Has Changed?

The December 2025 amendments implement Directive (EU) 2024/1640 of the European Parliament and of the Council. This directive strengthens the financial system against money laundering and improves the quality of beneficial ownership data held by national registers. Specifically, the changes introduce two substantive expansions to what companies must disclose.

Expanded Disclosure: All Nationalities Must Be Reported

Going forward, companies must disclose all nationalities a beneficial owner holds, not just one. Previously, a single nationality was sufficient. However, this left a clear gap: individuals with dual or multiple nationalities may link to high-risk jurisdictions or face international sanctions that a single-nationality record would miss. Therefore, the amendments now require full disclosure of all nationalities. This enables competent authorities and AML-obliged entities to carry out more accurate sanctions risk assessments.

Expanded Disclosure: Extent and Nature of Control Must Be Specified

Additionally, companies must now specify not only who the beneficial owner is, but also how they exercise control. This means documenting the control mechanism applied — whether through direct or indirect shareholding, voting rights, contractual arrangements, or other forms of actual influence. This aligns with FATF guidance, which recognises that the legal owner of record does not always exercise effective control. This is especially relevant in complex or multi-jurisdictional ownership structures.

A New Option to Restrict Public Access

Furthermore, as of 1 July 2026, beneficial owners can apply to the Register of Enterprises to restrict public access to their information. However, this option only applies in exceptional circumstances — specifically, where public disclosure poses a genuine threat to a person’s life, health, family members, or property. The applicant must provide a description of the situation, a justification of the risk, and supporting evidence. In more sensitive cases, competent security and defence authorities may also take part in the assessment.

Crucially, even where the Register restricts public access, competent state authorities and AML-obliged entities retain full access to the data for customer due diligence purposes.

Key Compliance Deadlines

The amendments introduce a series of staggered deadlines. Companies should act now rather than wait for each date to arrive.

1 April 2026: The first part of the regulation enters into force. Companies must meet clarified requirements for identifying beneficial owners and must reinforce their obligation to document control mechanisms.

1 July 2026: The expanded disclosure requirements take effect. Additionally, the new procedure for restricting public access to UBO data becomes available.

10 July 2026: The Register of Enterprises will automatically update nationality information for beneficial owners it identifies using a Latvian personal identification number. It draws this data from the Register of Natural Persons.

31 December 2026: For beneficial owners the Register does not identify using a Latvian personal identification number, companies must submit nationality information by this date. Moreover, the Register may automatically record the extent of control for beneficial owners whose control arises solely from their status as a member, shareholder, or sole proprietor.

What Companies Should Do Now

For most legal entities, these amendments will not create significant new obligations. However, companies with beneficial owners holding multiple nationalities, complex ownership structures, or indirect control arrangements must take action.

Specifically, companies should:

• Confirm the nationalities of all beneficial owners and identify whether any hold more than one
• Clarify and document the nature and extent of control each beneficial owner exercises
• Submit updated information to the Register of Enterprises where current data falls short of the new requirements
• Start this review now — not at the 1 July 2026 deadline

Finally, for entities with beneficial owners the Register does not identify using a Latvian personal identification number, the 31 December 2026 deadline is firm. Preparation must begin well in advance.

What’s next?

Managing beneficial ownership compliance requires careful attention to both local requirements and broader EU regulatory developments. For more insights into processes in other jurisdictions, explore our article, The EU’s Anti-Money Laundering Package Is Here — What AMLD6 Means for Your Entity Management.

Klea supports organisations in tracking and managing UBO compliance obligations across multiple jurisdictions from a single platform. Businesses looking for a structured, scalable approach to entity management can take the following steps:

• Request a Demo – See Klea in action for your organisation.
• Start a Trial – Experience firsthand how automation reduces workload and improves efficiency.
• Talk to Our Experts – Get guidance tailored to your entity portfolio.

Staying ahead of beneficial ownership obligations protects your entities from compliance risk and ensures your register data is accurate, complete, and audit-ready.

Legal Disclaimer

The information in this article is provided for general informational purposes only and does not constitute legal, tax, or financial advice. Klea makes no representations as to the accuracy or completeness of any information on this site. Klea will not be liable for any errors or omissions in this information or for any losses, injuries, or damages arising from its display or use. Please contact Klea for tailored support.