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Italy’s Beneficial Ownership Determination: What You Need to Know
Rome, October 10, 2023 - Italy has introduced a new regime for determining beneficial ownership following the publication of decrees implementing Ministerial Decree No. 55 of March 16, 2023. The regime aims to increase transparency and prevent money laundering.
Who Needs to Report Beneficial Ownership?
The obligation to report beneficial ownership applies to companies and private legal entities that are incorporated in Italy, including branches of foreign companies. The following types of entities are exempt from this requirement:
- Trusts
- Foundations
- Other similar legal entities
What Information Needs to be Disclosed?
Obliged entities need to disclose the following information about their beneficial owners:
- Name
- Fiscal code
- Registered office and administrative office (if different)
- Certified email address
Additionally, companies with a legal personality need to provide the following information:
- Company name
- Date, place, and details of the deed of establishment
- Business purpose and main activities
How is the Communication Made?
The communication needs to be made by means of a self-declaration in telematic form only. The legal representative making the communication must have a digital signature.
When Do I Need to Report Beneficial Ownership?
The deadlines for reporting beneficial ownership are peremptory:
- Data and information relating to beneficial owners must be communicated within 60 days starting from October 9, 2023.
- Any changes in data and information relating to beneficial ownership must be communicated within 30 days from the act giving rise to the change.
- In the case of newly established entities, the establishment of which takes place after the date of introduction of the UBO-Register, data and information on beneficial ownership must be reported within 30 days from the date of inscription in the appropriate Register.
What Happens if I Don’t Report Beneficial Ownership?
Failure to communicate the data of the beneficial owner will result in a pecuniary administrative sanction ranging from €103 to €1.032. The sanction is reduced to one third if the communication is made within 30 days from the expiry of the prescribed time limit.
Additionally, anyone who intentionally provides false data or untrue information may be punished with imprisonment from 6 months to 3 years and with a fine ranging from €10,000 to €30,000.