.png)
In a recent announcement, the Department of Registrar of Companies and Intellectual Property has provided an important update regarding compliance with the Register of Beneficial Owners in [Country Name]. It has been revealed that the final solution for the electronic system of the Register of Beneficial Owners is scheduled to be fully implemented by the end of October 2023.
This update is particularly relevant for companies falling under The Companies Law Cap. 113, European public limited companies (SE), and Partnerships, including their officers and partners. To ensure adherence to regulatory requirements, it is strongly advised that these entities submit the necessary details and information of their beneficial owners to the existing interim solution system of the Register of Beneficial Owners by September 30, 2023, if they have not already done so.
Failure to comply with this regulatory obligation may lead to potential fines, penalties, or even criminal proceedings.
Upon the introduction of the final solution system, there will be a one-month grace period during which entities can confirm and complete their data in the existing interim solution system. Subsequently, all data will be migrated to the final solution system for all registered entities. During this one-month period, entities are also encouraged to submit any requests for exemption from disclosing information and provide grounds for due diligence.
It is essential to be aware that non-compliant companies will automatically face fines through the final solution system of the Register of Beneficial Owners once the grace period concludes.
It is worth noting that, apart from individual criminal liability or potential prosecution, corporate or other legal entities, as well as their officers, may incur fines of €200 for non-compliance. Additionally, a daily penalty of €100 may be imposed, with a maximum charge of €20,000. Importantly, officers of corporate or legal entities will be exempt from these fines if they can demonstrate due diligence in adhering to the provisions of N.188(I)/2007 and Directive P.I. 112/2021, as amended, and if the violation is not attributed to their actions, omissions, or negligence.
This regulatory update underscores the urgency of ensuring compliance with the Register of Beneficial Owners requirements by the specified deadlines. Entities affected by this regulation are strongly encouraged to take immediate action to meet these requirements. If you require further information or assistance regarding this matter, please do not hesitate to contact our team of experts.
*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.
Start a conversation with us today to find out how you can benefit from a relationship with Flexi Group.
Please get in contact with our Head of Business Development:
Mrs Daniella May / Head of Business Development
Tel.: + 357 7000 2 5555 / + 357 22 87 57 55