Register of Beneficial Owners - Update

On September 1st, 2023 the Department of Registrar of Companies and Intellectual Property (the "Registrar") announced that due to the imminent implementation of the final solution of the electronic system of the Register of Beneficial Owners which is anticipated to take place around the end of October 2023, all entities, which have not already submitted the details and information of their beneficial owners on the Register of Beneficial Owners of Corporate and Other Legal Entities they should do so by September 30th, 2023.

According to the Registrar's announcement, upon the launching of the final solution system a one (1) month period will be given for confirming and completing the data and information that have been submitted onto the system during the interim solution and which will be transferred onto the final solution system, from all entities.

It is noted that, as per The Prevention and suppression of Money Laundering Activities Law of 2007 - 188(Ι)/2007 as amended, in the event of non compliance, the company or other legal entity and each of its officers shall be subject to a fine of two hundred Euros (€ 200) and a further fine of one hundred Euros (€ 100) for each day of continuation of the violation with a maximum charge of twenty thousand Euros (€20,000).

The above is for general information purposes only and does not constitute legal or other professional advice. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. For any enquiry or assistance please contact our law firm at info@pantelilaw.com