Confirmation Deadline for UBO Register
The Department of Registrar of Companies and Intellectual Property (DRCIP) has announced that all companies, European Public Limited Liability Companies (SE), and Partnerships registered under the Companies Law, Cap. 113, must confirm their Ultimate Beneficial Owners (UBOs) in the UBO Register between 1 October 2024 and 31 December 2024.
Key Points to Note:
- Mandatory Confirmation:
- During this period, organisations or their officers/partners must log into the UBO Register system to confirm or update their UBO information or senior management details, as required.
- Penalties for Non-Compliance:
- If the confirmation is not completed by 31 December 2024, a financial penalty of €200 will be imposed on the first day of non-compliance.
- An additional €100 will be charged for each subsequent day of violation, with a maximum penalty of €20,000.
- These penalties apply regardless of any potential criminal liability or prosecution of individuals.
- Changes During the Confirmation Period:
- Any changes related to UBO information that occur during the confirmation period (1 October – 31 December) must be completed before the 31 December 2024 deadline.
- If changes occur after the confirmation, no repeat confirmation is required.
- Annual Obligation:
- The confirmation process is an annual requirement and must be completed each year between 1 October and 31 December.
Failure to adhere to these regulations could result in substantial financial penalties. We encourage all our clients to ensure timely compliance.