In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions themselves given that it can be obscured through, for example, shell companies and/or complex ownership and control structures, and the position has recently become even more pressing following the sanctions levied on Russia following its invasion of Ukraine. Should beneficial ownership registers become more common they would provide an important tool for cross-checking underlying customer data and proactively identify relevant sanctions exposure by looking beyond immediate corporate ownership.