The register, which forms part of a raft of EU measures to combat money laundering, entered into operation in Luxembourg on 1 March 2019.
At the end of June, justice minister Félix Braz (Green party) launched a campaign aimed at encouraging all beneficiaries to declare themselves before the deadline, in particular non-profit organisations that are not used to complying with the growing regulatory obligations in the financial sector, such as banks and funds.
That said, the subject remains sensitive in the fund industry. Alfi published its own guide for members in early August.
The Luxembourg Business Register, meanwhile, published a new version of its guide for entities which must declare beneficial ownership.
By the end of May, 7,029 entities had taken the plunge, a figure which reached 50,000 by 22 August, according to Paperjam. Declaring beneficial owners is free until 31 August, after which it will cost €15, regardless of the size of the entity. Entities which fail to complete a declaration could incur a fine ranging from €1,250 to €1.25m. The same applies to entities which do not report a chance in beneficial ownership within 30 days.