Industry is advised that the official commencement date for the online filing system for beneficial ownership (BO) information is Tuesday, 19 May.
The launch of the updated system will entail a phased process. Phase one will be the release of the updated CSV file and Guidance Notes. Phase two will consist of in-house training and a pilot test, and phase three will be industry training and sensitization. Note that initial feedback from industry was incorporated into the amended CSV file and Guidance Notes.
The Competent Authority is aware that these upgrades will now have to be incorporated within IT systems, hence the reason for the phased approach.
After the commencement date, industry may commence BO filings via CAP. There is no manual protocol and no filing fees in place and the legal obligations to file BO information remain in effect. Note that the new definition for BO comes into force on Friday, 15 May.
Industry queries on this matter can be directed to email@example.com and firstname.lastname@example.org.