Sanctions

For the purposes of the Anti-Money Laundering and Counter-Terrorist Financing Law, a registered company shall be required to:

1. Maintain a register containing information on the Beneficial Owner, disclose such information and any changes thereto within thirty (30) working days of the change occurring or being documented with the Department. The Controller may request any documents or information necessary to verify the accuracy of the information submitted by the company.

2. Regularise its status in accordance with item (1) of this paragraph within three months from the date on which the provisions of this Amending Law enter into force.

3. Update its basic data and information in accordance with the instructions issued for this purpose.

Any person who violates the provisions of paragraph (A) of Article 273 bis of this Law shall be punishable by a fine of not less than two thousand dinars and not exceeding twenty thousand dinars, imprisonment for a term not exceeding one year, or both penalties.