Beneficial owner, are deadlines an penalties changed. On March 1, the law No. 6/2022 “On some changes and additions to the law no. 112/2020 “On the Register of Beneficial Owners” which has brought some very important changes regarding the registration of beneficial owners, deadlines and penalties.
- Novelty
If previously the deadline for the registration of the beneficial owners and the registration of the changed data of the beneficial owners had to be done within a period of 30 days, now this deadline has changed.
- In cases of initial registration of beneficial owners by reporting entities, the registration is done simultaneously with the application for registration of the legal entity in the commercial register. It is worth mentioning that in this case the application is made at the physical counter of the National Business Center;
- In case of rejection of the application for the initial registration of the beneficial owners by the reporting entities, which are registered in the commercial register with indirect ownership, the registration is done within 40 calendar days from the date of rejection of the application;
- In cases of initial registration of beneficial owners by reporting entities, which are registered in the register of non-profit organizations, the registration is done within 40 calendar days from the date of registration of reporting entities as a legal entity;
- Whereas in the case of registration of changes in the data of the beneficiary owners of the reporting entities, the registration is done within 90 calendar days from the date of occurrence of the actual change.
The NBC has also set a 30-day deadline for filling in the gaps that become obstacles to initial registration, change or updating of data.
- Penalties
In cases when the initial registration of the beneficial owners of companies and non-profit organizations is not carried out within the above deadlines (40-day deadline), a penalty of 50,000 ALL is applied.
If this registration is not performed even after 40 days after the end of the initial deadline, then the penalty that is applied is in the amount of 600,000 ALL.
In case the registration of the data change is not completed within 90 days, the applicable penalty is 400,000 ALL.
Attention!!
In case any of the penalties is not paid, the BCC and the authority responsible for maintaining the Register of Non-Profit Organizations have the right to return the status of the entity from “active” to “suspended” until the moment of payment of the penalty and registration of the relevant data for beneficial owners.