Beneficial Ownership Transparency (Amendment) Act, 2025
Amendments to the primary beneficial ownership law, expanding access to information for certain authorities and clarifying the identification of beneficial owners for trusts and exemptions for non-profits.
Beneficial_Ownership_Transparency_(Amendment)_Act, _2025.pdf
2026-04-27
The Beneficial Ownership Transparency (Amendment) Act, 2025 refines and expands upon the framework established in the 2023 Act.
Key Amendments
Trusts The amendment clarifies how beneficial owners are identified when a trust is involved. Under certain specified conditions, the trustee of the trust shall be identified as the contact person or registrable beneficial owner (source: Beneficial_Ownership_Transparency_(Amendment)_Act,_2025.pdf).
Exemptions The amendment provides explicit exemptions from the Act's provisions for:
- Companies designated under section 80 of the Companies Act (typically non-profit organizations).
- Entities registered under the Non-Profit Organisations Act.
Access to Information The amendment broadens the scope of entities that can access the beneficial ownership search platform to include:
- The Customs and Border Control Service.
- Entities under the Public Management and Finance Act (with Cabinet permission).
- Licensed financial institutions and designated non-financial businesses and professions (subject to fees and limitations).
Record Retention Corporate services providers must retain the related record for an individual for five years from the date they ceased to be a registrable beneficial owner (source: Beneficial_Ownership_Transparency_(Amendment)_Act,_2025.pdf).