The Department of the Registrar of Companies and Intellectual Property made the following announcement on the 28th of February 2024 based on the Beneficial Owner register:
1. All companies established or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE) and all Partnerships (hereinafter Organizations) or their officers/partners are invited to access the Register of Beneficial owners until March 31, 2024 and to update it, either with details of Beneficial Owners, or by declaring their exclusion based on paragraph 3 (1)(a)(b) of Directive KDP112/2021 as it was modified, or by exercising the right of Due Diligence. From the 1st of April, monetary charges and other sanctions will be imposed for non-compliance.
2. From 1 April 2024 all the actions below will be available, and failure to comply with them will result in financial charges:
- The Register of Beneficial Owners should be updated within 45 days from the day on which the Organization or its officers/partners became aware of the change of Beneficial Owners
- The Register of Beneficial Owners should be informed within 90 days from the establishment of a new Organization, by the Organization itself or its officers/partners with regards to the Beneficial Owners’ details
- From 01/10 until 31/12 of each year, the Organizations or their officers/partners should confirm the information included in the Register of Beneficial Owners
- Within 30 days of receiving an electronic notification about data mismatch, the Organisation or its officers/partners should take necessary actions and correct such data
3. It is reminded that the following actions are still valid:
- Online research in the records of the Register of Beneficial Owners
- Request for exemption from disclosure of information
- Request for access to the details of a minor
Do not hesitate to contact our team for providing you further explanation and assistance with respect to the Register of Beneficial Owners
Original source by the Department of Registrar of Companies and Intellectual Property
