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The Registrar of Companies (RoC) is imposing penalties and
issuing warning letters to companies that fail to submit accurate
information on their ultimate beneficiaries (their beneficial
owners ).
As of 1 February 2021, the RoC had levied 19 administrative
fines – at a rate of $5,000 per fine – against
companies for noncompliance with beneficial ownership (BO)
requirements. Head of Compliance Paul Inniss noted that warning
letters were sent to the companies prior to the fines being levied.
If the fines are not paid, and/or the companies involved continue
to not comply, the Registrar will remove them from the companies