On 25th September 2024, the Registrar of Companies and Intellectual Property (the “Registrar”) announced that all companies registered under the Companies Act, Cap. 113, all European Companies (SE), as well as Partnerships, or their respective directors/partners, must confirm the details of their Ultimate Beneficial Owners (UBO) senior executives, or due diligence by accessing the UBO Register held by the Registrar. This confirmation must be completed between 1st October 2024 and 31st December 2024.

The Registrar emphasized that failure to comply within this period will result in penalties. Specifically, both the entity and each director/partner will incur a penalty of EUR 200 on the first day of non-compliance, followed by an additional EUR 100 for each subsequent day, up to a maximum total penalty of EUR 20,000.

Additionally, it is clarified that if the initial registration of UBO details falls within this timeframe (i.e., between 1st October and 31st December 2024), the entity must first complete the initial registration or any required updates or changes, and subsequently confirm the UBO details, senior executives, or due diligence action, as applicable, no later than 31st December 2024.