The Department of Registrar of Companies and Intellectual Property (DRCIP) has announced important updates to the Register of the Beneficial Owners, with amendments to the Prevention and Combating of Money Laundering from Illegal Activities (Amendment) (No. 2) Law of 2024 (Law N.141(I)/2024).
As of 06 December 2024 the following amendments were introduced:
- Omission or neglection of the filing or annual confirmation of the UBO register, will lead to penalise ONLY the legal entity. The penalties are no longer applicable to each Director or Secretary but the Directors that ommit or neglects to fullfil the UBO obligations is liable with the company for the payment of the penalty imposed to the company.
- The applicable penalties were revised and the Registrar of Companies concluded that the penalties will be amended as follow:
- Penalties are now €100 for the first day of violation (instead of €200) and
- €50/day thereafter (instead of €100), capped at €5,000 (instead of €20.000)
- In addition the Registrar of Companies have the power to:
- Strike-off the company if te legal entity failed to meet UBO obligations
- Issue administrative review directives and examine any objection against an imposed penalty
- Apply to the Court for the issuance of an injunction ordering the compliance of any person with the obligations arising from article 61A of the Prevention and Suppression of Money Laundering Activities Law 188(I)/2007 and the Directives issued thereunder.
Extension and withdrawal of financial charges
The Department of the Registrar of Companies and Intellectual Property announced on the 16 December 2024, additional extension of the deadline for the filing of the UBO Register until the 31st of January 2025.
Extension has been granted for the verification of the UBO details by March 31, 2025
Lastly, the Department of the Registrar of Companies and Intellectual Property has decided the withdrawal of all penalties imposed so far and amount imposed and paid will be reimbursed. Refunds for JCC payments are automatic; manual payments require documentation.
Let us know if we can assist you with your UBO registry obligations.