Italy introduces UBO disclosure obligation

As of the 9^th of October 2023, all companies and other legal entities established in Italy must communicate data and information on their UBO(s) to the competent Companies’ Registry.

All companies and legal entities must make the first communication to the competent Companies’ Registry by and no later than the 11^th of December 2023.

Subsequently, any changes in beneficial ownership should be communicated within 30 days of the occurrence of the change.

The communication is made via a form published on the Company Registry’s online platform, signed by the company’s director with a qualified digital signature.

The UBO register will be accessible by authorities, by all entities subject to anti-money laundering legislation, as well as by the public and any natural or legal person.

In some case, disclosed UBO information may be restricted to the public, in particular where public access exposes the beneficial owner to disproportionate risks or where the beneficial owner is incapacitated or a minor.

The risk of non-compliance

Failure to comply with the deadlines established by law for the communication and update of data and information on beneficial ownership, range from EUR 103 to EUR 1,032 for each person subject to the statutory obligation (i.e. each appointed director).