Post by serragoosenburg on Jun 28, 2018 4:15:15 GMT 4
The first half of the year has passed swiftly, and so has the time within which all registered Maltese entities should have gathered and updated their records on ultimate beneficial ownership (UBO), in order to comply with new Companies Act regulations.
Part of global moves to counter fraud, anti-money laundering (AML) and anti-terrorist financing, the January regulation change means it's now mandatory for companies in Malta to know - and declare to local authorities - who they're doing business with, and who their company's ultimate beneficiary is.
If you're a bit late getting started on this, don't worry. Following is an overview of what is required.
1 January to 1 July 2018
Over this period, all Maltese-registered entities should be collecting their UBO information and preparing to submit this to the Malta Registry of Companies. A dedicated UBO register has been available since the start of April, however the duly-completed declaration form should be submitted with the annual return or share transfer, whichever comes first. Alongside being submitted to the Companies Register, records of a Maltese company's beneficial owners should be kept at its registered address, or another place as defined by its incorporation documents. Where there is a change in beneficial ownership in the future, the Maltese company has 14 days within which to declare this change to the Registry of Companies.
Penalties
Registered entities that don't take action to identify and submit their UBO information by 1 July will be considered in breach of the Companies Act. They face a penalty of €1,000 and an additional €10 per day for every day they are late.
Part of global moves to counter fraud, anti-money laundering (AML) and anti-terrorist financing, the January regulation change means it's now mandatory for companies in Malta to know - and declare to local authorities - who they're doing business with, and who their company's ultimate beneficiary is.
If you're a bit late getting started on this, don't worry. Following is an overview of what is required.
1 January to 1 July 2018
Over this period, all Maltese-registered entities should be collecting their UBO information and preparing to submit this to the Malta Registry of Companies. A dedicated UBO register has been available since the start of April, however the duly-completed declaration form should be submitted with the annual return or share transfer, whichever comes first. Alongside being submitted to the Companies Register, records of a Maltese company's beneficial owners should be kept at its registered address, or another place as defined by its incorporation documents. Where there is a change in beneficial ownership in the future, the Maltese company has 14 days within which to declare this change to the Registry of Companies.
Penalties
Registered entities that don't take action to identify and submit their UBO information by 1 July will be considered in breach of the Companies Act. They face a penalty of €1,000 and an additional €10 per day for every day they are late.