BRA checks whether the subject registered beneficial owners of income

Law on Amendments of the Law on Central Register of Beneficial Owners was adopted for the purpose of improving current system of detecting and preventing money laundering and financing terrorism and alignment of the domestic legislation with international standards from this area. 

Amendments of Article 12 details monitoring over registration, accuracy and updating data and keeping data and documents as well as authorizations for submission of the request for initiation of offense proceedings, so the Business Registers Agency checks, for companies, whether the registered subject entered data on the beneficial owner in the Central Register within 15 days from incorporation and it is authorized to initiate offense proceedings against the registered subject failing to do so in the given period; 
 

Article 14 prescribes Draconian penalties

Pecuniary fine from 500.000 to 2.000.000 dinars shall be imposed for the offense of the Registered Subject - legal entity:

...3) in case of failure to enter accurate data in the Central Register;

4) not holding, that is, not keeping appropriate, accurate and updated data and documents based on which beneficial owner of the Registered subject is entered (Article 10 paragraph 2);

5) in case of failure to register beneficial owner of the Registered Subject in the Central Register by 31 January 2020.

Penalty shall be imposed for the offense from paragraph 1 of this Article to the responsible person in the Registered subject - legal person in the amount from 50.000 to 150.000 dinars.