The reporting deadline for beneficial ownerships is closing on Bermudan organisations. Companies in Bermuda will have until February 28th 2019 to make the necessary arrangements to comply with the beneficial ownership registry regulations that were passed in March last year.
The first deadline has been extended (which used to be September 2018) was stretched out once to December 2018, and mass failure to comply saw too many organisations struggling to fulfil and would have been continually fined. Failure to comply with the new February timeline may be a criminal offense for both companies and its top-level employees. Foreign organisations and fully licensed financial institutions and service providers will be exempt.