Announcement of the Department of Registrar of Companies and Intellectual Property – Deadline for Confirmation with the Register of UBOs
The Department of Registrar of Companies and Intellectual Property (DRCIP) informs that all companies incorporated or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE), and all Partnerships (hereinafter referred to as "Organisations") or their respective officers/partners are required to log into the Register of Ultimate Beneficial Owners (UBO Register) systemfrom 1 October 2024 to 31 December 2024, to confirm the information of their ultimate beneficial owners (UBOs), or their senior management, or perform due diligence (as applicable in each case).
Please note that in case were, the information are not confirmed bythe 31 December 2024, as required in the UBO Register, regardless of any criminal liability or prosecution of any individual, the organisation and each of its officers/partners will be subject to a financial penalty of two hundred euros (€200) on the first day and an additional one hundred euros (€100) for each day the violation continues, with a maximum total penalty of twenty thousand euros (€20,000).
In the "Frequently Asked Questions – Ultimate Beneficial Owners" section, under "Confirmation of Information in the UBO Register," you can find the steps to complete the confirmation process in the UBO Register system at FAQs
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
