The UBO Registry. Update by the Registrar of Companies -25/07/2022

The UBO Registry. Update by the Registrar of Companies -25/07/2022

The Registrar of Companies provided an update on 25/07/2022 as regards the operation of the UBO Registry.

The anouncement states that the operation of the Interim Solution for submission of the beneficial owners information in the Beneficial Ownership Register will continue after the deadline of 31/07/2022 and until the Final Solution is implemented the date of which will be announced at a later stage.

The Registrar also reminds companies which have not complied so far should do so because as from the date of implementation of the Final Solution, the provisions of Article 11 of the Directive ΚΔΠ112/2021 will automatically be put into effect and this will result in penalties for the company and its officers.

Additionally the provisions of Article 61Α(10)(στ)(i) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 will also automatically apply and will render the omission to comply a criminal offence.

So it appears that no penalties will be imposed as from 31/07/2022 and the key date is the date of implementation of the Final Solution.