The Department of the Registrar of Companies and Intellectual Property announced on 25 September 2024 that all companies established or registered under the Companies Law, Cap. 113, all European Public Limited Liability Companies (SE) and all Partnerships (hereinafter the “Organisations”) or their officers /partners, have the obligation to confirm the details of their beneficial owners or senior management officers in the Registry of Beneficial Owners by the 31st of December 2024.
Failure to confirm the required information in the Registry of Beneficial Owners by the 31st of December 2024, regardless of the criminal responsibility or prosecution of any person, the Organisations and each of its officers/partners are subject to a monetary charge of two hundred euros (€200) on the first day and a further monetary charge of one hundred euros (€100) for each day of continued violation with a maximum total charge of twenty thousand euros (€20,000).
The confirmation of information should only be done once during the period 01/10 to 31/12 of the current year.