The Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies has published its 2020 Annual Report. The following are the key observations from the report:-
- by the end of 2020, almost 189,000 (81%) of companies and 616 societies (64%) had filed beneficial ownership information with the register
- 81% of companies and 64% of societies had filed as of 31 December 2020
- Total Submissions Received 53,606 with a Rejection Rate of 21%
- The RBO issued 7,031 Rejection/GDPR letters to data subjects whose personal details were used in failed RBO submissions
- The RBO scheduled a staggered Non-Compliance Reminder campaign for March 2020 for all entities who had not filed by the deadline of 22nd November 2019. However, due to the outbreak of COVID-19, the campaign was postponed and recommenced on 12th October 2020 and will continue into 2021
- 7 Non-Compliance Notices were received in 2020
- 2 Discrepancy Notices were received in 2020
Note: The content of this article is provided for information purposes only and does not constitute legal or other advice.
Share this on...