The Department of Registrar of Companies and Intellectual Property has announced that all Companies and Partnerships must confirm the details of their Beneficial Owners (UBOs) during the period from 1 October 2024 to 31 December 2024.
Who Are Beneficial Owners?
Beneficial Owners are the natural persons who ultimately own or control companies, as outlined by the European Council’s Anti-Money Laundering Directive.
Penalties for Non-Compliance
Failure to comply with the 31 December 2024 deadline will result in the following penalties:
- €200 on the first day of non-compliance.
- €100 per additional day, up to a maximum of €20,000 per Beneficial Owner.
This applies to the Entity and its officers/partners, regardless of any criminal liability or prosecution of the Company Directors or Secretary.
Directors’ Responsibility
The obligation to update the UBO Register lies with the Company and its Directors.
How We Can Assist
- If we have already submitted the UBO details on your behalf, please confirm with us that the information remains the same.
- If there are changes to the UBO details, you must urgently provide us with the latest updates.
Please note: The obligation of new UBOs to comply with the registry requirements starts from the day of their appointment.
📩 Need assistance? Contact us to ensure timely compliance and avoid penalties.
info@ymcconsultings.com
