The Department of Registrar of Companies and Intellectual Property has extended the deadline for submitting details of the beneficial owners for all types of companies and other legal entities until the end of March. Additionally, financial penalties that were imposed will be recalled and refunded.

The Department's announcement states that on January 29, 2024, the amending Directive K.D.P.34/2024 came into force. This directive extends the deadline for submission/confirmation of beneficial owners' details for all types of Companies and Other Legal Entities until March 31, 2024. It also regulates the obligation to submit additional details for companies or other legal entities whose shareholding structure ends in a trust, foundation, or similar legal arrangement, again until March 31, 2024.

As mentioned in the announcement, from April 1, 2024, non-compliance will result in the imposition of administrative and other sanctions, in accordance with the provisions of the Law for the Prevention and Suppression of Money Laundering Activities and KDP112/21, as amended and applicable.

Following these regulations, the Department proceeds with the revocation of financial penalties that were imposed and the refund of the monetary amounts paid. Specifically, the Department states that it will make the necessary arrangements, in cooperation with JCC, to refund the financial penalties paid from 01/01/2024 – 16/01/2024, directly to the card used for the payment, without any further action required from the applicant's side.