All entities established or registered under the Companies Law, Cap. 113, European Public Limited Liability Companies (SE), and Cooperatives (hereinafter referred to as "Organizations"), along with their officers/partners, are hereby urged to participate in the final resolution system by March 31, 2024. It is imperative to update the Register of Beneficial Owners, either by providing details of Beneficial Owners, declaring their exclusion as per paragraph 3(1)(a)(b) of Directive KDP112/2021, as amended, or by exercising Due Diligence rights.
Failure to comply with the above by April 1, 2024, will result in the imposition of monetary charges and other penalties following the provisions of the Prevention and Combating of Money Laundering from Illegal Activities Law and Directive KDP112/2021, as amended and in force.
Effective April 1, 2024, the following actions will be mandatory, and non-compliance will lead to financial penalties:
Timeframes:
- Informing the Register of any changes in Beneficial Owners within 45 days of awareness by the Organization or its officials/partners.
- Updating the Register with details of Beneficial Owners within 90 days of establishing a new Organization.
- Confirming the information contained in the Register from October 1 to December 31 of each year.
- Taking the appropriate action in the electronic system of the Register within 30 days of receiving an electronic notification concerning a mismatch request.
Official notice can be found here
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.
