Business and Intellectual Property Authority Temporarily Waives Penalties for Beneficial Ownership Non-Compliance

The Business and Intellectual Property Authority is temporarily waiving penalties and sanctions for businesses not yet compliant with its Beneficial Ownership regulations until 31 August. During this period, BIPA will review its sanctions and penalty enforcement mechanisms. Businesses with existing penalty payment plans should halt payments until further instructions are provided. BIPA will announce the way forward by 31 August.