As noted, Law No. 42 of March 1, 2010, and Law No. 92 of June 17, 2008, grant the Trust Registry Office, as the custodian of both the Trust Register and the Register of Beneficial Owners of Trusts, the authority to impose administrative sanctions related to these Registers.
In this regard, the Trust Registry Office informs that, during its meeting on July 5, the Board of Directors of the Central Bank resolved to amend the current methodology for calculating sanctions under the Office’s jurisdiction. This change applies to sanctionable cases where the applicable regulations establish a range within which the penalty amount may be determined. The new criteria will take effect on August 1, 2021.
For further details, please refer to the newly published section on sanctions within the Trust Registry Office's dedicated webpage, available in the trust section of the official website.