RBO Annual Report 2020

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.

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