Authority issues Beneficial Ownership reminder

As part of its ongoing programme of engagement, the Authority is contacting a number of Isle of Man-registered companies to remind them of their obligations under the Beneficial Ownership Act 2017.

Letters are being sent to the Nominated Officers and Directors of legal entities that have either not yet declared their beneficial ownership information with Companies Registry or the information provided appears incorrect/incomplete.

Recipients are urged to take the necessary steps to ensure the beneficial ownership database is accurate and up-to-date by submitting, completing or updating their entries.

Further guidance is available on the Authority’s website, while a video explainer highlights the action required in order to comply with the legislation and avoid the possibility of incurring a civil penalty.