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Requirement to register beneficial owners in the Central Register of Beneficial Owners

13.10.2019

On 13 October 2019, the Act on Combating Money Laundering and Terrorist Financing of 1 March 2018 comes into force, regulating the functioning of the Central Register of Beneficial Owners. The aim of the register is to increase trading security and facilitate the verification of corporate entities.

Who is required to file information?

General partnerships, limited partnerships, limited joint-stock partnerships, limited liability companies and joint-stock companies, excluding public companies, are required to file and update information about beneficial owners.

Who is a beneficial owner?

A beneficial owner is an individual exercising, by holding rights, control of the entity to which the reporting requirement applies (e.g. of a company entered in the business register). Control may be either direct or indirect (i.e. through another entity). Control may result from legal circumstances (e.g. holding more than 25% of votes at the shareholders’ meeting or general meeting) or factual circumstances (e.g. actual influence on entities that formally fulfil the function of members of the company’s bodies).

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