Penalties for failure to declare beneficial ownership tightened; corporate and officer liabilities increased and continuing default fined.

The amendment substitutes sub-sections (10) and (11) of section 90 to impose an initial penalty and a specified daily penalty for continuing failure to make declarations, with a capped maximum. It further prescribes a higher fixed penalty for companies that fail to maintain registers, file information, take required steps or deny inspection, and a separate fixed and daily escalating penalty for officers in default, each subject to their own maximum caps.

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