The Luxembourg authorities have announced the imminent launch of a campaign of checks to ensure compliance with the obligations relating to the Register of Beneficial Owners (RBO).
This announcement provides an opportunity to reiterate the importance of keeping social and regulatory documentation up to date, as well as ensuring that organisational structures comply with the requirements applicable in Luxembourg.
In this context, it is advisable for companies to ensure that their information and documents are up to date.
The announced inspections will include, in particular, on-site visits and will focus on:
- the accuracy of the information declared to the RBE
- the actual presence of the company at its registered office as declared to the R.C.S.
- the immediate availability of documents and registers required to be kept at the registered office (register of shares or partnership interests, RBO supporting documents, KYC documentation, minutes, etc.)
The Public Prosecutor’s Office reminds companies that any breach of obligations relating to the R.B.O. may result in penalties provided for by the amended law of 13 January 2019, in particular criminal fines ranging from €1,250 to €1,250,000, as well as, in certain situations, administrative measures that may go as far as the dissolution of the related entity.
The official press release is available here.
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