Beneficial Ownership Transparency Regulations, 2024
Regulations providing the procedural and administrative details for the implementation of the Beneficial Ownership Transparency Act, including fees, fines, and definitions.
Beneficial_Ownership_Transparency_Regulations, _2024.pdf
2026-04-27
The Beneficial Ownership Transparency Regulations, 2024 set out the practical rules and requirements for complying with the beneficial-ownership framework.
Key Provisions
Administrative Fines The regulations establish a detailed framework for administrative fines for breaches of the Act and Regulations. Fines are specified in Schedule 1. There is an established appeals process allowing persons to appeal to the competent authority against a fine imposed by the Registrar.
Deposit of Information Corporate Services Providers (CSPs) are required to deposit beneficial ownership information (or indicate no change) with the competent authority on specific cycles:
- Most entities: Not less than once each month.
- Entities in liquidation: Every ninety days.
- Ordinary resident companies: Every 365 days. (source: Beneficial_Ownership_Transparency_Regulations,_2024.pdf)
Access Fees Licensed financial institutions and designated non-financial businesses that access the search platform are subject to an annual fee of $1,500 per user (source: Beneficial_Ownership_Transparency_Regulations,_2024.pdf).
Definitions and Calculations The regulations provide specific rules for:
- Calculating shareholdings and voting rights (including majority stakes).
- Handling joint interests and arrangements.
- Holding interests directly or indirectly through other legal entities.