Beneficial Ownership Enforcement Manual Updated

The competent authority for beneficial ownership (BO), General Registry, would like to advise industry that the previously published Beneficial Ownership Enforcement Manual has now been updated. The revised manual takes effect from its publication date, which is today, Friday, 26 November 2021.






Updates have been made to the following areas:

1. What are Administrative Fines? - paragraph 1.6: outlines what is a single breach and that single breaches can occur multiple times, in the case where a CSP fails to file information for multiple entities. Failure to file for each entity is a breach.

2. Section four - The Procedure for Imposing a Fine: provides clarity on the investigative process that will be taken prior to a fine being levied. The use of warning notices have been removed.

3. Section five - Appeals Process: appeals will now be submitted via a new email address, BOappeals@gov.ky.

4. Section six - Payment of Fines: payment of fines or instructions related to debiting of CORIS account should be emailed to ciregistry@gov.ky.

5. Appendix 2 - Administrative Fine Breach Notice: breach notices will now include a reference number that should be quoted when making payment or reference to payment for that specific breach notice.



Industry queries on this matter can be directed to corishelpdesk@gov.ky and grcompliance@gov.ky.

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