The deadline for updating the Register of Beneficial Owners on the enhanced digital platform has been extended to March 31, 2024.

Penalties Overview:

Upon the expiration of this extended deadline, non-compliant companies and other legal entities will face penalties as outlined in the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)2007, enacted by the House of Representatives on February 23, 2021.

Starting April 1, 2024, companies failing to comply will incur a fine of Two Hundred Euros (€200), with an additional daily penalty of One Hundred Euros (€100) up to a maximum charge of twenty thousand Euros (€20,000). Non-compliance may also result in criminal liability or prosecution for individuals.

Exemption for Diligent Compliance:

Officers of corporate and/or other legal entities will not face penalties if they can demonstrate due diligence in adhering to the provisions of the Prevention and Suppression of Money Laundering Activities Law 188(I)/2007 (as amended) and the Anti-Money Laundering Directive 2018/843. It is crucial that their failure to comply is not attributed to inaction, omission, or negligence.

Refund Policy for Previous Penalties:

In a related announcement on February 8, 2024, the Registrar of Companies disclosed that penalties imposed and paid for late submission during the period from January 1, 2024, to January 16, 2024, have been fully refunded. This measure aims to provide relief to entities that faced penalties during the initial submission deadline of December 31, 2023.