The Department of the Registrar of Companies and Intellectual Property, following its announcement on the Functioning of the Register of Beneficial Owners in the interim solution, dated 08/05/2022 and in view of the forthcoming implementation of the final solution of the electronic system of the Register of Beneficial Owners, which is expected around the end of October 2023, invites all companies incorporated or registered under the Companies Law, Chapter 113, if they have not already done so, such as by September 30, 2023 register the details and information of their beneficial owners in the Register in order to avoid the imposition of a financial burden and/or the initiation of criminal proceedings for non-compliance.

In addition, Registrar of Companies informs that with the start of the final solution, a period of one (1) month will be given for confirmation and completion of the information that has been and will have been transferred to the final system, by all entities. Both requests for information release exemptions and due diligence reasons should also be filed within this period.

It is pointed out that, at the end of the one (1) month period, the automatic imposition of fines will begin through the final solution of the electronic system of the Register for the non-compliant companies. Regardless of the criminal liability or prosecution of any person, in case of non-compliance the company or other legal entity and each of its officials are subject to a fine of two hundred euros (€200) and a further fine of one hundred euros (€100) for each day continuation of the violation with a maximum total burden of twenty thousand euros (€20,000).