The National Banking and Insurance Commission of Honduras approved implementing rules for the Centralized Beneficial Owner Registry established under the Transparency and Centralized Beneficial Owner Registry Law. The rules cover national and foreign commercial companies registered in Honduras, legal arrangements with or without legal personality, and public entities in which the state owns less than 100%. A beneficial owner is identified through ownership of at least 25% or effective control, with the senior administrative official reported as a fallback when no natural person can be identified under those criteria. Covered entities must submit a sworn declaration supported by documentation, confirm or update their information by May 30 each year, report changes within the first 10 business days of the following month and retain beneficial ownership records for at least five years. New entities created after the registry becomes operational must file within the following month. Entities subject to customer due diligence requirements must obtain and retain clients’ registry certificates, although the certificates do not replace their own obligation to identify and verify beneficial owners. Breaches are classified as minor, serious or very serious and may incur fines of 20 to 500 minimum wages for each separate violation. Failure to convert bearer shares into registered shares may attract fines of 10 to 100 minimum wages. The regulation takes effect upon publication in the official gazette, while the commission will issue a separate administrative act setting the start of registration, filing mechanisms and applicable forms.

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