Company’s duty to seek beneficial ownership information

(1) Subject to sub-section (2), a company to which section 82A(1) applies shall identify each beneficial owner of the (2) A company to which section 82A applies shall give written notice to anyone whom it knows or has reasonable cause to believe to be a beneficial owner in relation to it, which notice shall require that person76 (a) to state whether or not he is a beneficial owner in relation to the company; and (b) if so, as applicable to provide, confirm or correct the registrable particulars relating to him. (3) A company to which section 82A applies shall give written notice to anyone whom it knows or has reasonable cause to believe that such person knows the identity of a person who is a beneficial owner in relation to it, which notice shall require that person– (a) to state whether or not he knows the identity of a beneficial owner in relation to the company or knows the identity of any person likely to have that knowledge; and (b) if so, supply any particulars of such persons that are within the knowledge of the person notified. (4) Without limiting sub-sections (2) and (3), a company may at any time give written notice to a member of the company to provide, confirm or correct the information supplied under section 82A in relation to the shares or guarantee membership interest in the company held by the member. (5) A notice under this section shall state that the person to be notified must comply with the notice within thirty days commencing from the date of the notice. (6) A company is not required to take steps or give notice under this section with respect to a beneficial owner if the company has already been informed in writing of the person’s status as a beneficial owner in relation to it, and has been supplied with the information under section 82A. International Business Companies[CAP. 270 77 (7) A company that fails to comply with sub-sections (2) or (3), commits an offence and is liable on summary conviction to a fine of $50,000.00.