Deadline for Updating Beneficial Ownership Registers – Companies were given an extension of up to 31st July 2021 to update their Beneficial Ownership Registers. Companies are advised to urgently prepare and submit a register of their beneficial owners or face the consequences for non-compliance. The Beneficial Ownership Register was introduced by the Companies Act 2015 and the Companies (Beneficial Ownership Information) Regulations 2020. The said Act and Regulations make it an offence for a company, and every officer of that company, to fail to comply with this requirement. Directors of a company risk being fined up to Kshs. 500,000/= each if they fail to update the company’s beneficial ownership register within the stipulated time that lapses on 31st July 2021.
