The Department of Registrar of Companies and Intellectual Property (DRCIP) has issued an important notice for all companies incorporated or registered under the Companies Law, Cap. 113, as well as European Public Limited-Liability Companies (SE) and partnerships (collectively referred to as Organisations).
From 1st October 2024 to 31st December 2024, these entities, along with their officials or partners, are required to access the Central Registry of Beneficial Owners (CRBO) system to confirm the details of their beneficial owners (The Registrar of Companies UBO Registry) or top executive officers or conduct due diligence, as applicable.
What Happens If You Fail to Comply?
Failure to confirm the required details by 31st December 2024 will result in a financial penalty of €200 for the first day and an additional €100 for each subsequent day of non-compliance, up to a maximum of €20,000. This is applicable regardless of any criminal liability or prosecution of any individual involved.
How Do You Confirm Beneficial Owner Details?
The process of confirming details in the CRBO is outlined in the Frequently Asked Questions - Beneficial Owners section under the Confirmation of Details in the Beneficial Owners Registry. This section is accessible via the following link: DRCIP FAQ.
What About Notifications and Changes?
If the initial registration, change, or any other action related to beneficial owners, top executive officers, or due diligence occurs during the confirmation period (between 1st October and 31st December 2024), the required action should be completed, followed by the confirmation of details by 31st December 2024.
Do I Need to Confirm Details Multiple Times?
No, the confirmation of details needs to be performed only once during the period from 1st October to 31st December 2024. In case there is a change or another action after the initial confirmation, there is no need to repeat the confirmation.
Staying compliant with the latest regulations is crucial for avoiding penalties and ensuring smooth business operations. For comprehensive support and expert legal guidance on this matter, get in touch with Tsitsios & Associates LLC.
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