FAQ's-UBO's

Based on the announcement of the Department dated 10/11/2023 (click here) the following are mentioned:

• As from 14/11/2023 – 31/12/2023 (Period A of final solution), no penalties will be imposed in case of non-compliance. 
• As from 01/01/2024 and onwards in case of non–compliance, notwithstanding the criminal liability or prosecution of any person, where there is a failure to comply with the reporting obligations about the beneficial owners the company and or other legal entity and each of its officers shall be liable to a penalty of:
• two hundred Euros (€ 200) and
• a further fine of one hundred Euros (€ 100) for each day of continuation of the violation with a maximum total fine of twenty thousand Euros (€ 20,000)

Provided that an officer of a company or other legal entity shall not be subject to a fine if he had exercised due diligence to comply with the provisions of this paragraph and the violation is not due to any act or omission or negligence on his part.