Stavrinou & Co is here to inform our esteemed clients and partners of an important update from the Department of Registrar of Companies and Intellectual Property. The deadline for the submission of Beneficial Ownership Information for all companies and legal entities has been graciously extended to March 31, 2024.

This extension offers a valuable opportunity for organizations to ensure compliance without the rush. However, it’s crucial to note that following this extended deadline, any entity that has not submitted its Beneficial Ownership details will face financial penalties. These penalties are in line with the stipulations of Law 188(I)/2007, which focuses on the Prevention and Suppression of Money Laundering from Illegal Activities, a law that received the green light from the House of Representatives on February 23, 2021.

For those seeking more detailed information on this extension, please visit the official announcement at this link.

At Stavrinou & Co, we understand the importance of staying ahead of regulatory requirements and are at your disposal for any further questions or clarifications you might need. Let’s ensure that your compliance journey is smooth and penalty-free.