BRS ISSUES MANDATORY TIMELINE FOR FILING BENEFICIAL OWNERSHIP INFORMATION-KENYA
On 17th October 2024, the Business Registration Service issued a public notice requiring all private limited companies that are yet to file their list of Beneficial Owners to do so by 30th November 2024 or risk being fined Ksh. 500,000.00 or more.
In the notice the Service stated that it is mandated to comply with the collection and maintenance of accurate, adequate and up-to-date basic and Beneficial Ownership information of Companies and Limited Liability Partnerships in compliance with Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act, 2023 that was signed into law on 1st September 2023.
The service further notified the public that failure to file the Beneficial Owner information for a period of 5 years shall lead to companies and LLPs being declared as not carrying on business and subsequently struck off from the Register as per Section 894 of the Companies Act and 33A of Limited Liability Partnerships Act.
Though the deadline for Limited Liability Partnerships (LLPs) to file their list of Beneficial Owners has not yet been set, the Service has stated that the same will be notified to ensure that LLPs are also compliant.
On changes to list of Beneficial Owners, the Service notified the public that any amendment to the Beneficial Ownership register should be filed within 14 days of such change. Failure to comply will attract an administrative fine of Ksh. 2,000 for the company and each officer in default, with an additional penalty of Ksh. 100 for every day the default continues, applicable to both the company and the responsible officers.
It is now left for all private companies and Limited Liability Partnerships to comply with this requirement of the law. We further wait for the Service to implement an online procedure or mechanisms to facilitate compliance by LLPs.
Link to the Notice: Notices – Business Registration Service (brs.go.ke)
For any assistance in filing Beneficial Ownership Information contact us at info@aowangaadvocates.com or +254794600191
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