Part 3 – Register of Overseas Entities Register of overseas entities Section 165: Verification of registrable beneficial owners and managing officers
This section amends section 16 of the Economic Crime (Transparency and Enforcement) Act 2022 (Verification of registrable beneficial owners and managing officers) to make it clear that regulations about verification can make provision about how it is carried out and the standard to which it is carried out. Regulations made under section 16 may also include provision about the information to be provided to the Registrar to enable them to monitor compliance with requirements imposed by the regulations. This section also allows requirements imposed about the retention of records to be enforced by the creation of a summary-only offence and sets out the maximum penalties for any offence created.