By notice published yesterday by the Bermuda Minister of Finance, the date by which companies, limited liability companies and partnerships are required to provide the information regarding beneficial owners has been further extended from 15 December 2018 to 28 February 2019.
Over the past several months, Estera has been proactively partnering with its clients to satisfy the latest Anti-Money Laundering and Corporate Service Provider regulatory requirements.
Throughout this process, Estera has diligently collected related beneficial ownership data to satisfy clients’ obligations for the Beneficial Ownership regulation (per our previous communication).
As an added service, Estera is pleased to submit the requisite information to the Bermuda Monetary Authority (BMA) on its clients’ behalf.
On March 23, 2018 the Bermuda Government enacted legislation requiring all companies to gather and maintain information regarding their beneficial owners. This legislation aims to extend the existing beneficial ownership regulation to meet standards of transparency set by the Financial Action Task Force and the Organization for Economic Co-operation and Development (OECD).
Under this new legislation, companies and corporate service providers must maintain a beneficial ownership register, filed with the BMA which may be accessed by or on behalf of the Registrar of Companies on request.
Beneficial owners are defined by law as an individual who owns or controls more than 25% of the shares, voting rights or interest in the company through direct or indirect ownership or has control over the company by other means. If no individual exists to satisfy this criteria, an individual who holds a senior position in the company shall be put forward.
Should you have any questions or concerns, please contact your usual Estera representative.
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