We would like to remind you that The Department of Registrar of Companies and Intellectual Property announced that all Companies and Partnerships, are required to confirm the details of their Beneficial Owners during the period from 1st October 2024 to 31st December 2024 by 31 December 2024.
Beneficial Owners of Companies are the natural persons who ultimately own or control the companies, and this specific obligation is provided by the European Council’s Anti-Money Laundering Directive.
Penalties for non-compliance:
According to the law, if a company fails to comply by 31 December 2024, regardless of any criminal liability or prosecution of any Company Director or its Secretary, the Entity and each of its officers/partners will be subject to a penalty of €200 on the first day and a subsequent charge of €100 per day of non-compliance, with a maximum total penalty of €20,000 per beneficial owner.
Directors’ responsibility:
It should be noted that the obligation to update the UBO Register is a responsibility of the Company and its Directors.
How we can assist
Where we have already provided a service to you on the matter, kindly confirm that the information of the UBOs that we have already submitted to the Registrar of Companies (ROC), as per your previous instructions, remain the same.
Where changes to UBO details have occurred, you are required to urgently provide us any details of the latest changes of the UBO(s’) details.
The obligation of the new UBOs to comply with the requirements of the UBO registry starts from the day of their appointment.
