The Department of Financial Services has suspended the requirement to file beneficial ownership information. This decision will remain in effect until a notice is published.
The new regime came into effect on 31 July by virtue of the relevant Order. At the same time, the Department of Financial Services issued new rules governing its operation. However, the full details and administrative procedures for its operation have not yet been determined. According to experts, the Department does not plan to implement the new law until 1 January 2025. In the meantime, the old regime has effectively ceased to apply, and the Department has suspended the requirement to file beneficial ownership information until further notice.