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Italy’s UBO-Register Finally Operational: What You Need to Know

Rome, October 10, 2023 - Following the publication of the decrees implementing Ministerial Decree No. 55 of March 11, 2023, Italy’s Ultimate Beneficial Owner (UBO) Register is now operational.

What is the UBO-Register?

The UBO-Register aims to increase transparency and combat money laundering by requiring companies and private legal entities to disclose their beneficial owners’ information.

Who Needs to Comply?

Companies with shares listed on the Italian Stock Exchange, those involved in financial activities, and those with a significant impact on the national economy are among the entities obliged to register. This includes:

Banks
Insurance companies
Notaries
Lawyers
Tax consultants
Others who need to carry out Know-Your-Customer (KYC) due diligence

How Do You Need to Comply?

The communication is made by means of a self-declaration in telematic form only, exempted from stamp duty. The legal representative making the communication must have a digital signature.

When Do You Need to Comply?

The deadlines for making communications 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, data and information on beneficial ownership must be reported within 30 days from the date of inscription in the appropriate Register.
Annually, within 12 months from the first communication, the data and information on beneficial ownership must be confirmed.

What Happens If You Don’t Comply?

In the event of failure to communicate the data of the beneficial owner, any person required to do so will be punished with a pecuniary administrative sanction ranging from €103 to €1.032. Additionally, anyone who intentionally provides false data or untrue information shall be punished with imprisonment from 6 months to 3 years and with a fine ranging from €10,000 to €30,000.

Contact Us

If you need assistance in navigating Italy’s UBO-Register, contact our expert Dr. Vanessa Wagner at +39 02 6328 841 or send inquiry. Our team is ready to help you understand the implications of this new regulation and ensure compliance.

For more information on Italy’s UBO-Register, including frequently asked questions and expert insights, visit our website at www.yourlawfirm.com.

Good to Know

Doubts remain for branch offices of foreign companies based in the European Union. Communication is advised until clarifications are delivered from the competent Ministry. Stay tuned for further updates on this topic.